Route 9 office building in Woodbridge sells for $11 million

Colliers, a diversified professional services and investment management firm, recently announced it facilitated the $11 million sale of 900 on Nine, a 112,705-square-foot office building on Route 9 North in Woodbridge.

A Colliers team led by Vice Chair Jacklene Chesler, Vice President Patrick Norris, Director Philippe Jomphe and Director Matthew Cohen brokered the deal on behalf of the seller, TFE Properties. The buyer was an undisclosed private investor from New York.

The Colliers team marketed the property in conjunction with Ten-X, an online transaction platform for commercial real estate, also leveraging Colliers’ proprietary investor database. This hybrid approach resulted in 152 executed confidentiality agreements, 14 property tours and seven registered bidders.

The six-story office building boasts a dark glass exterior and visibility amid the highly trafficked corridor. The building also features highly efficient floor plates of more than 19,000 square feet to effectively accommodate tenants of any size.

At time of sale, the property was roughly 54% occupied with a diverse corporate roster that includes NIP Group, Onyx Equities, and Toshiba.

“Despite the headwinds with suburban office, well located, quality office assets continue to draw strong interest from both investors and users. 900 on Nine benefits from its close proximity to major arterial roadways, Metropark and strong talent pool,” said Chesler in a news release.

Brad Wadlow is a staff writer for MyCentralJersey.com