JLL Capital Markets announced on Thursday it has closed the sale of The Offices at Bedminster, a Class A office complex in Bedminster.
JLL’s Industrial Capital Markets team of Jose Cruz and Kevin O’Hearn, senior managing directors; Michael Oliver and Steve Simonelli, senior directors; and J.B. Bruno, director; marketed the property on behalf of New York Life Real Estate Investors and its client. The buyer was an affiliate of Northeast Capital Group.
Situated on nearly 16 acres at 500 and 550 Hills Drive, the 194,000-square-foot, two-building property is along Route 202/206 and near the intersection of interstates 78 and 287.
“Despite these very challenging economic times, we are seeing buyers make long-term investment decisions on office assets in the northern and central New Jersey market,” Cruz said. “The quality, location and strong tenant base of the asset were the main reasons for the high level of interest in The Offices at Bedminster.”
The complex recently underwent a multimillion-dollar renovation that upgraded its common areas and added a new fitness center and lobby area. Additional features include covered parking, an outdoor courtyard, a cafe and a fountain pond. Built in 1988 and 1989, it is 86% leased.
“Getting this deal done during a pandemic was certainly a challenge, however, New York Life afforded appropriate timing, which resulted in Northeast Capital being able to perform strongly and close at the award price,” O’Hearn said.
