N.J. office deal nears $30M

An unidentified investor recently purchased a multitenant office complex in Ramsey, N.J., for $29.8 million.

Raia Properties-Ramsey L.P., an affiliate of Raia Properties Corp., sold the Office Center at Ramsey, which comprises 138,406 square feet of class A space.

The Office Center at Ramsey, located at 500 North Franklin Turnpike, is situated on an 8.56-acre site and includes a courtyard, a café and covered executive parking.

At the time of sale, the property was more than 95 percent leased, with more than 80 percent of this space occupied by credit tenants including United Parcel Service (65,000 square feet) and NCO Financial Systems (25,411 square feet).