While Gov. Hochul vowed to provide funding to adequately finance MTA projects, at press time no firm plans have been released.
According to the FBI’s 2023 Internet Crime Complaint Center Report, there were more than 101,068 complaints filed by individuals over 60 years old resulting in more than $3.4 billion in losses in 2023.
A well-known business leader, Weale was perhaps best known for co-founding Country Bank in Carmel and later serving as President and CEO of the Putnam County Economic Development Corp. for 13 years.
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.
While Gov. Hochul vowed to provide funding to adequately finance MTA projects, at press time no firm plans have been released.
A well-known business leader, Weale was perhaps best known for co-founding Country Bank in Carmel and later serving as President and CEO of the Putnam County Economic Development Corp. for 13 years.
Existing-home sales in the Northeast in June withdrew 2.1% from May to an annual rate of 470,000, a decline of 6% from June 2023.
One requirement of the law mandating the use of written contracts for compensation will impact NYS brokers significantly.
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