Office complex purchased in 1031 exchange

CB Richard Ellis recently represented WR&E-Chester LLC in the sale of a two-building, 32,000-square-foot office complex in Chester, N.J.

The property, located at 2-4 Mill Ridge Road, sold for $11 million. It was built in 2006.

Devan Gardens LLC, a local private investor, purchased the property through a 1031 exchange.

The property is under a lease for more than 11 years to pharmaceutical company Adams Respiratory Therapeutics.

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