A four-story office building at 80 Cottontail Lane in Somerset has been sold for $4.6 million in a transaction brokered by Colliers. The 85,425-square-foot property was acquired by an end-user who intends to occupy part of the building.
The sale was handled by a Colliers team that included Vice Chair Jacklene Chesler and Vice President Patrick Norris, who represented the seller. The property was marketed and sold via an online auction platform, Ten-X.
According to Chesler, the building presents a “remarkable value-add opportunity” due to its strategic location in an affluent region and the potential to increase rents on its more than 37,000 square feet of available space. The appeal of the property is further enhanced by the region’s trend of converting office spaces to industrial use, which is limiting the supply of office buildings in Somerset County.
Norris noted the strong interest in the property from a diverse group of investors, developers, and users, ultimately leading to the sale to an owner-occupant. The area surrounding 80 Cottontail Lane is a hub for major corporations, including Johnson & Johnson, Sanofi US, and SHI International, and provides excellent access to major highways, public transportation, and airports.
Colliers is also marketing other properties on Ten-X, including the Evesham Corporate Center in Marlton and Perryville III in Hampton, both of which are scheduled for auction later this month.
