The asset is fully leased on a long-term basis to United Healthcare, according to Gary Gabriel of Cushman & Wakefield's Metropolitan Area Financial Services Group (FSG), which specializes in real estate investment banking in New York City's suburban counties in New Jersey, Connecticut and New York. The Metropolitan Area FSG, along with Jeffrey Heller of C&W's East Rutherford, NJ office, represented the seller and procured the buyer.
The property sits at a four-way interchange of I-287 in Somerset County, directly across from the headquarters campus that AT&T recently sold to Pharmacia. For the transaction, "we employed a short-list marketing program to a select group of potential buyer, including UBS, which had previously purchased a United Healthcare-leased property," according to Gabriel.
"With 131 Morristown Rd.'s A-rated tenant and exceptional location, we were able to secure a deal within two weeks," according to Gabriel.
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