Colony Business Park

1-11 Jocama Blvd,
Old Bridge, NJ 08857

  • Purchase Price
    $8,250,000
  • Sold Price
    $11,350,000
  • Hold Year
    4 Years
  • Total IRR
    13.88%
  • Occupancy
    93%

Anchor Tenants

Property Overview

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.

Property Highlights

  • Occupancy remained strong despite the effects of COVID-19 as FNRP worked with tenants to extend their leases with longer, more favorable terms.
  • Colony Park is a multi-tenanted business park with long-term tenants, including a CrossFit Gym, Nifty Packaging Product (a packaging design firm),
  • Reliance Adult Day Care, Inc, and American Prosperity Group.
  • Colony Business Park is about 38 miles from New York City in highly affluent Old Bridge, NJ (the median household income is over $140K).
  • Originally planned for a 5-year hold, the strong performance of the site allowed us to exit the site earlier to achieve stronger returns for investors.

Location

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