Cronheim Brokers Sale of Office Building for $2 Mil

FRANKLIN TWP., NJ-he David Cronheim Co., Chatham, NJ, has brokered the sale of Progressive Office Plaza, a 16,400-sf professional office/medical building situated on 5.5 acres here. The sale price was approximately $2 million, which factors out to just under $122 per sf. Neither the buyer nor seller were named.

Cronheim contracted four years ago to lease out the asset on behalf of the seller in the recent transaction. “After securing several tenants, we succeeded in converting all of the leases, new and existing, to triple net,” according to Peter Wisniewski executive vice president of the Cronheim company. “The lease conversions stabilized net income and made the property more attractive to potential investors.”