1100-1200 American Blvd., Hopewell Township, NJ
HOPEWELL TOWNSHIP, NJ—Three Class A workplace buildings totaling greater than 380,000 sq. toes right here have modified arms in a deal valued at $95 million.
American Actual Property Companions of Herndon, VA and Miami-based Independencia Asset Administration offered the 1100-1200 American Blvd. workplace advanced to an undisclosed purchaser.
The property was initially in-built 2000 as a part of the Merrill Lynch company campus and consists of three workplace buildings totaling 380,417 sq. toes.
AREP acquired the property in 2013 as a part of its portfolio technique to reasonable threat inside its value-add technique. Underneath the phrases of the settlement, AREP will proceed to lease and handle the property. The asset is at the moment 100% leased to Merrill Lynch, which was acquired by Financial institution of America in 2008.
“The property is an exceptional asset in the fifth largest market in the country and represented a strong acquisition for the buyer,” says David W. Bernhaut, govt vice chairman of Cushman and Wakefield’s Capital Markets Group, the unique agent for the transaction.
He provides that the deal affords optimistic cash move from an funding grade tenant for a number of years, fascinating actual property centrally positioned between New York Metropolis and Philadelphia, and a possibility to make sure administration continuity by leveraging AREP’s working platform.
Bernhaut provides, “This transaction not only represented a win-win for all parties but further evidenced the strength and attractiveness of the New Jersey market even in challenging environments.”
The property is positioned within the Princeton/Route 1 Hall submarket that boasts greater than 191 million sq. toes of investor-owned house throughout 2,035 buildings, which places the realm among the many top-five workplace markets in the USA. The Princeton/Route 1 Hall has been one in every of New Jersey’s high submarkets for almost twenty years. Since 2004, the market has skilled a 20% enhance in Class-A asking rents.
Broadly identified for its various tenant base and company headquarters presence, New Jersey is dwelling to Novo Nordisk, Bristol-Myers Squibb, Financial institution of America Merrill Lynch, Johnson & Johnson, Dow Jones, NRG Vitality, PNC Financial institution, AAA, BlackRock, and different Fortune 1000 firms.
AREP is an institutional fund supervisor and working companion centered on workplace and mixed-use repositioning and improvement. Since its founding in 2003, the corporate has deployed greater than $four billion throughout focused geographies and bought greater than 17 million sq. toes of Class-An actual property
Since incorporating in US in 2004, IAM has invested in additional than 18 million sq. toes of core-plus and value-add workplace, retail and industrial property in 19 states with 10 completely different native working companions. So far, the agency has invested in additional than $three billion worth of actual property property by way of 50 completely different SPEs. IAM’s present portfolio consists of roughly $2.1 billion of property beneath administration by way of 32 completely different SPEs.