State Farm sells class A property

Madison Capital, a joint venture of Principal Property Group LLC and Bluestar LLC, purchased 15 Corporate Place South, an institutional-quality, 160,000-square-foot office building in Piscataway, N.J.

The value of the transaction was not disclosed.

State Farm Insurance was the seller of the class A office building, which it substantially renovated in 1997.

Existing tenants include Samsung SDS America and Unum/Provident.

CB Richard Ellis was the broker in this transaction, while David Simson, president of GVA Williams New Jersey, served as an advisor to the buyer. GVA Williams New Jersey has been subsequently appointed exclusive leasing agent for the facility.

New York City-based Madison Capital is a private real estate investment and development company.

Parsippany, N.J.-based GVA Williams is a full-service real estate company.

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