Signature Acquisition purchased a class A office building in Matawan, New Jersey for $19.75m. Located directly off the Garden State Parkway, 100 Matawan Road totals 133,678 sq ft. Changing hands for just under $148 per sq ft, the asset was 85 percent leased at the time of the sale. CBRE represented the seller, a partnership led by Denholtz Associates. The previous owner made capital improvements exceeding $1.6m to the asset, including upgrades to the common areas and lobbies, exterior improvements, restroom renovations and HVAC upgrades.
“Signature Acquisitions continues to be one of the most active investors in our market and this purchase compliments the assets they own in Clark and Cranford while giving them a greater presence in central New Jersey,” said Jeremy Neuer of CBRE.
