Aussies impressed by NJ property.

Buildings B and C at One Centennial Plaza, Piscataway, NJ, have traded hands for $42.8 million, announced Cushman & Wakefield's Metropolitan Area Capital Markets Group.

An Australian investor, the Mariner American Property Income Trust, has purchased a condominium interest in the two structures, which total 237,000 s/f, from LNJ Centennial Owner LLC, an affiliate of New York-based Loeb Partners Realty.

LNJ Centennial Owner LLC acquired the asset in April of 2005 for $34.25 million.

One Centennial Plaza, widely regarded as one of the most prestigious office properties in the I-287 South Corridor, is part of a four-building, 24-acre complex. Buildings B and C are 100% leased to two investment grade tenants, including American Standard and Great West Life and Annuity Insurance Company. Additionally, Johnson & Johnson Health Care subleases a portion of Great West's space.

American Standard occupies the remainder of the complex, which serves as its world headquarters.

"The property's full occupancy by nationally recognized tenants with impressive credit ratings provide excellent financial stability to this investment," said Jose Cruz of Cushman & Wakefield's Metropolitan Area Capital Markets Group, who orchestrated the sale with teammates Andrew Merin, David Bernhaut and Gary Gabriel.