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“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
MORRISTOWN, NJ—An affiliate of Northeast Capital Group, which is based in Rockland County, has acquired the Offices at Bedminster office complex here from New York Life Real Estate Investors.
Commercial brokerage firm JLL marketed the 194,000-square-foot office complex for seller New York Life Real Estate Investors. JLL did not disclose the sale price. In a report in Commercial Property Executive, the sale price was reported as $33.5 million. New York Life Real Estate Investors acquired the Offices at Bedminster in 2006 for $43.7 million, according to a report in Real Estate Weekly.
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, a 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. Anchor tenants include Peapack Gladstone Banka and Aerie Pharmaceuticals.
The JLL Industrial 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.
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
Most of the counties in the HGAR market area are considered “high-cost areas” by the FHFA.
NAR officials noted yesterday that the court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the court quickly ruled to grant final approval.
Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
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