PISCATAWAY, NJ-The two side-by-side class B office buildings at 200 and 220 Centennial Ave. here have been put up for sale by owner Andalex Realty of New York City. And Andalex has hired the Manhattan-based Eastern Consolidated to find a buyer for the assets, which total just more than 138,600 sf on 10 acres.
For Eastern Consolidated, executive directors Eric Anton and Ronald Solarz, along with financial analyst Paul J. Nigido are handling the assignment. Anton expects the sale to draw a number in the $11 million range, which if achieved, would amount to about $80 per sf.
“This pair of buildings is situated for high-tech/telecom users because of their direct access to the fiber optic trunk underneath Centennial Ave.,” Anton says. And there's upside potential: “The property also contains a recently vacated 46,469-sf unit with a backup power generator and large computer installation, which was completed in 1996 at a cost of $2 million,” he says.
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