SOMERSET, NJ-SHI International Corp. recently picked up a430,000-square-foot, two-building office complex dubbed SomersetGrove Corporate Center. The assets, formerly owned by LNR NewJersey Partners Inc., were occupied by AT&T under a long-termlease and subsequently vacated. As receiver for the lender, NewmarkKnight Frank won the assignment to manage, lease and sell theproperty.

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Richard J. Madison, principal, combined his six-person team oftenant and agency professionals with Newmark Knight Frank’sTri-State Capital Group led by principal Matthew Schnurr. “Theinvestment opportunity was broadly marketed to reach both investorsand corporate users,” says Schnurr. “We received 86confidentially agreements and given the number of qualified offers,were able to negotiate a favorable price for our client.” SHI willbe occupying approximately half the space and target othercorporate tenants for the balance of complex, says Richard Mirliss,a managing director at NKF.

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“The location of Somerset Grove, at 290 Davidson Ave., offersextensive infrastructure, proximity to executive communities and ahighly skilled labor force, making this class A asset a verydesirable one,” adds Jackie Chesler, a director with the capitalgroup team. “By repositioning and remarketing the propertythrough an aggressive business plan, the new ownership can offer ahigh quality alternative at an affordable price.”

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