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One of FNRP’s first properties, Colony Business Park is an 80,057 SF office building park that also houses nine warehouses. This acquisition was made before the firm concentrated on grocery-anchored CRE, but the qualifying factors we used to pinpoint and act on a strong deal were still used here. In the case of Colony Business Park, it was identifying how the asset filled the need for flexible spacing for corporate or retail purposes. Another core factor of the property’s success was its strategic location near New York City, centered along New Jersey’s heavily trafficked Route 18 and Route 9 intersection – perfect for business visibility and commerce.
After leasing up Colony to achieve near full-occupancy, we raised the investor’s total IRR from 13% to 13.88% by its fourth year.
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