Colliers recently oversaw the successful sale of 900 on Nine, a premier office building located in Woodbridge, NJ. The property was sold for $11.17 million and spans over 112,705 square feet along US Highway 9 North. Led by Jacklene Chesler, Patrick Norris, Philippe Jomphe and Matthew Cohen from Colliers’ team represented the seller TFE Properties in this transaction.
Through a hybrid approach utilizing Ten-X platform, they were able to attract interest from numerous potential buyers resulting in securing confidentiality agreements from 152 parties and conducting property tours with fourteen interested parties. Ultimately seven bidders registered their interest with one private investor based out of New York emerging as the buyer.
At present time of sale only about half (54%) of this six-story building was occupied but it still boasts an impressive list of corporate tenants including NIP Group, Onyx Equities and Toshiba among others. According to Chesler “Despite challenges faced by suburban offices market due to various factors such as location or quality concerns; properties like 900 On Nine continue to draw strong attention both from investors looking for profitable opportunities or businesses seeking suitable space.”
