Somerset office park fetches $33.5M, JLL says

By Eric Strauss
Somerset | Dec 13, 2018 at 11:50 am

A three-building Somerset office park sold for $33.5 million, according to JLL, which handled the transaction.

Atrium Corporate Park includes three Class A buildings, totaling 679,251 square feet, at 300, 400 and 500 Atrium Drive.

Neither the buyer nor the seller was disclosed. Both parties were represented by JLL’s Joseph Garibaldi and Thomas Walsh, managing directors; Heather Lombardi, vice president; and Katelyn Borovsky and Nick Vanderslice, associates.

“Atrium Corporate Park is an institutionally owned and maintained office portfolio that offered the buyer a compelling combination of credit cash flow stability and value-add leasing upside,” Garibaldi said in a prepared statement. “Atrium Corporate Park offers one of the best value propositions in the Lower 287 submarket.”

The property sits on 47.8 acres near Interstate 287, with nearby access to Interstate 78, Route 22 and other major highways.

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In another transaction, JLL said it had secured a 10-year lease for Kennedy’s of NJ LLC at 40 Main St., Madison. The business, which operates Kennedy’s Barber Club barbershops, will take 1,785 square feet of retail space at the 8,877-square-foot, mixed-use property owned by Hamlin Partners LLC.

JLL’s Blake Shanaphy, associate, represented the tenant, while Glenn Beyer, a senior managing director with RKF, represented the landlord.

Eric Strauss | estrauss@roi-nj.com | acerimrat