Two NJ Office Assets Trade for $150M
Exan Capital and Mirabaud Group have acquired the class A properties, which total 315,086 square feet as part of Warren Corporate Center.
WARREN, NJ – Joint-venture partners Exan Capital and Mirabaud Group have purchased two class A office buildings in Warren, NJ for nearly $150.3 million.
The partnership acquired the properties from a joint-venture between affiliates of Rubenstein Partners L.P. and Vision Real Estate Partners. The buyers purchased the assets with assistance from a five-year, fixed-rate loan, secured by JLL through New York Life Real Estate Investors.
The transaction’s purchase price represents $477 per-square-foot.
The recently-renovated properties, Warren Corporate Center 100 and 200, comprise 315,086 square feet situated on 68 acres. The assets are part of the five-building, 176-acre Warren Corporate Center in Somerset Country.
The two four-story buildings encompass 157,543 square feet each and feature average floorplates of 39,400 square feet. The properties are fully-leased to the global reinsurance and insurance organization, Everest Reinsurance Co.
Located directly off of I-78, the properties feature more than 1,200 covered parking spaces, as well as access to campus amenities, including walking trails, a pond with amphitheater seating and an amenity building, Warren Hill, which offers a state-of-the-art fitness center, a cafeteria, a basketball court and a conference area.
A JLL capital markets team, led by senior managing directors Jaime Fink, Kevin O’Hearn and Jose Cruz, represented the seller in the transaction. JLL capital markets’ director Lucas Borges, senior director Michael Johnson and director Matthew Pizzolato led the financing efforts.
“Thanks to the JLL team we were able to acquire this property and continue with our strategy to provide class A yielding properties to our investors,” states Ignacio Gil-Casares, a partner at Exan Capital. “The quality of the asset, the length of the lease and the credit of the tenant is the perfect fit for the current portfolio we are building-up with our partners at Mirabaud. We will continue with our aggressive plan of acquisitions of single and multi-tenant office and industrial properties during the upcoming months.”