Aspen-Devli JV Pays $26M for Mack-Cali Office Building

NEPTUNE, NJ—A joint venture of Aspen Real Estate of Freehold, NJ and Devli Real Estate of New York City has acquired the 100% leased 3600 Route 66 office building here from Mack-Cali Realty Corp. of Jersey City for $26 million.

The deal marks Aspen Real Estate’s seventh acquisition in Monmouth County. It is also the firm’s largest acquisition and Aspen’s second large purchase in under 10 months.

Last December, Aspen acquired the 130,000-square-foot office/school property at 260/270 Industrial Way in Eatontown, NJ. The Eatontown property was acquired through the purchase of a mortgage note and subsequent foreclosure.

Steven Schultz of The Newmark Knight Frank Capital Markets group brokered the deal.

The 3600 Route 66 Class A office building is located on 14.6 acres and is leased to four companies. The new ownership plans to improve the amenities in the property, including adding an 8,000-square-foot upgraded café, lounge and conference center.

Devli ‘s chief investment officer Mark Devli says, “The opportunity to purchase a fully leased, premier-trophy asset at an attractive yield was enticing to us. The ample weighted average lease term, as well as the property’s stable cash flow were key drivers, as both are factors paramount to our investment strategy.”

The Aspen-Devli joint venture reports it plans to invest $100 million in both stabilized and value add opportunities within the next 12 months.