The Offices of Bedminster trades to Northeast Capital Group affiliate
JLL Capital Markets closed the sale of the Class A office complex in New Jersey
MORRISTOWN, N.J., July 23, 2020 – JLL Capital Markets announced today that it has closed the sale of The Offices at Bedminster, a two-building, Class A, institutionally-maintained office complex totaling 194,000 square feet in Bedminster, New Jersey.
JLL marketed the property on behalf of New York Life Real Estate Investors and its client. An affiliate of Northeast Capital Group, which is based in Ramapo, New York, purchased the asset.
Situated on nearly 16 acres at 500 and 550 Hills Drive, the property is in Somerset County near the intersection of Interstates 78 and 287, two of the region’s main highways providing unmatched access. The complex is also along Route 202/206 at the entrance to the sprawling Hills residential development and across from a Kings-anchored shopping center.
The Offices at Bedminster recently underwent a multi-million-dollar renovation that included upgrades to common areas, including a new fitness center and lobby area. Additional features include covered executive parking, outdoor courtyard with picnic area, grab-and-go café and fountain pond. The 550 building is LEED certified and has a WiredScore Platinum certification, while the 500 building is ENERGY STAR certified. The complex, built in 1988 and 1989, is currently 86% leased with a WALT of about seven years and anchor tenants Peapack Gladstone Bank and Aerie Pharmaceuticals.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Directors Michael Oliver and Steve Simonelli and Director J.B. Bruno.
“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,” stated Cruz. “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.”
“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 added.
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 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 $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About New York Life Insurance Company
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 $59.3 billion in assets under management as of March 31, 2020. (1) New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
(1) Real Estate Investors AUM of $59.3B is gross and includes AUA ($1.4B) as of 3/31/2020. Net AUM for Real Estate Investors is $57.9B as of 3/31/2020.
About Northeast Capital Group
Northeast Capital Group (NECG) is a private equity investment group based in Ramapo, New York, and led by CEO Joel Kiss, who founded the firm in 2008. NECG professionally owns and operates a portfolio encompassing millions of square feet including retail, office and residential properties around the nation. NECG is actively growing its property portfolio and looking to acquire stable and value-add real estate which are well-located in primary and secondary markets around the country, with a recent special focus on premier office/industrial assets in the tri state area. For further information, please visit necgre.com.