Suburban New Jersey office properties trade for $150.25M
JLL Capital Markets led sales and financing efforts for Warren Corporate Center 100 and 200 in Warren, New Jersey
CHICAGO, June 17, 2021 – JLL Capital Markets announced today that it has closed the $150.25 million, $477 per-square-foot sale and $100.59 million financing of Warren Corporate Center 100 and 200, two Class A office buildings totaling 315,086 square feet in Warren, New Jersey.
JLL marketed the property on behalf of the seller, a joint venture between affiliates of Rubenstein Partners, L.P. and Vision Real Estate Partners. A partnership between Exan Capital and Mirabaud Group purchased the property with assistance from a five-year, fixed-rate acquisition loan secured by JLL through New York Life Real Estate Investors.
“Thanks to the JLL team we were able to acquire this property and continue with our strategy to provide Class A yielding properties to our investors,” said Ignacio Gil-Casares, Partner at Exan Capital. “The quality of the asset, the length of the lease and the credit of the tenant is the perfect fit for the current portfolio we are building-up with our partners at Mirabaud. We will continue with our aggressive plan of acquisitions of single and multi-tenant office and industrial properties during the upcoming months.”
Warren Corporate Center 100 and 200 is positioned on 68 acres within the larger five-building, 176-acre Warren Corporate Center in affluent Somerset County. The property is located directly off of Interstate 78 in Northern New Jersey offering convenient access to New York City and Newark Airport in under an hour. Additionally, Warren Corporate Center is in close proximity to the NJ Transit commuter rail station.
Recently renovated, Warren Corporate Center 100 and 200 are 157,543-square-foot, four-story buildings with average floorplates of 39,400 square feet. The properties have covered parking for more than 1,200 vehicles and access to the campus amenities, which include a variety of walking trails, a pond with amphitheater seating and an impressive amenity building, Warren Hill, that features a state-of-the-art fitness center, full-service cafeteria, basketball court and conference area. The property is fully leased to a single tenant, Everest Reinsurance Company, a leading global reinsurance and insurance organization, which was founded as Prudential Reinsurance, a subsidiary of Prudential Financial.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jaime Fink, Kevin O’Hearn and Jose Cruz.
“Warren Corporate Center generated tremendous investor interest given the high demand for single-tenant credit properties from both domestic and foreign investors,” O’Hearn said.
JLL’s Capital Markets team leading the financing efforts included Director Lucas Borges, Senior Director Michael Johnson and Director Matthew Pizzolato.
“Warren Corporate Center attracted a deep bench of lenders that are actively seeking high-quality, investment-grade caliber, mission critical corporate campuses such as this asset,” Borges added. “It has been a pleasure to fulfill a small role in such a key acquisition for Exan Capital and Mirabaud.”
Exan Capital was represented in the transaction by Gil-Casares and Arturo Vinueza, Vice President, Investments.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Rubenstein Partners
Rubenstein Partners is the fund manager for a series of private equity funds focused on office investments throughout the United States. For more information, please visit: rubensteinpartners.com.
About Vision Real Estate Partners
Vision Real Estate Partners (VREP) is a full-service real estate investment, development and asset management company. As a fully integrated real estate firm, VREP manages all aspects of its Real Estate Investments, Acquisitions, Due Diligence, Capital Markets, Reporting, Investor Relations, Architectural, Engineering, Construction, Development, Marketing, Leasing, Property & Asset Management, Finance, and Legal activities.
About Exan Capital
Exan is an independent real estate fund manager with asset management services, primarily active in United States gateway markets and select European cities. The group was founded in 2013 and currently has its headquarters in Miami, Florida, with a regional office in Madrid, Spain. To learn more, please visit: exancapital.com.
About Mirabaud Group
Mirabaud Group is an international banking and financial group that provides a clientele of private and institutional investors, companies and finance professionals with highly customized investment advice, private banking and asset management services.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. For more information please visit: newyorklife.com/realestateinvestors.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With over $61.5 billion in assets under management as of March 31, 2021. (1) New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
(1) Real Estate Investors AUM of $61.5B is gross and includes AUA ($1.2B) as of 3/31/2021. Net AUM for Real Estate Investors is $60.8B as of 3/31/2021.