A joint venture of JP-Morgan Fleming Asset Management , representing an unidentified pension fund, and Gale & Wentworth sold the 233,000-sf complex for $53.5 million. The buyer was an investment group led by Simon Halegoua.
"The philosophy of the pension fund is one of high returns and quick returns," Jeff Dunne, who led the CBRE tri-state investment team, tells GlobeSt.com. Indeed; G&W completed construction on both assets within the past six months. In a previous statement, Dunne, whose group represented the buyer, also noted that the acquisition was "a good fit for our client's 1031 exchange requirement given the credit tenancy, long term lease and preferred location of the asset." Henry Feld of the brokerage firm's Manhattan office, was part of the team.
Andrew Merin, Gary Gabriel and Jose Cruz of Cushman & Wakefield represented the seller in the deal. Merin noted that the sale price rewarded the selling entity "for taking significant construction and leasing risk."
Somerset Financial Center--1405 and 1425 Route 206--is net leased on a long-term basis to Pharmacia Corp.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
