Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SOMERSET, NJ-A joint venture comprised of NAI, Hilco Real Estate LLC and Nodecom Inc., retained by the US Bankruptcy Court on behalf of WorldCom, has sold a 108,336 sf data center, situated on nearly 20 acres in this New Jersey community. Charlotte, NC-based Wachovia Corp. outbid 21 competitors at the July 16 auction and has agreed to purchase the state-of-the-art facility for $38.3 million.

Wachovia, the financial services company with $364 billion in assets, did respond by deadline to inquiries regarding plans for the site.

To date, the NAI Team has seen the successful sale of nine properties from the WorldCom portfolio. WorldCom Inc., a telephone and data services company, filed for bankruptcy last year in light of an $11 billion accounting fraud scandal. The data center was one of the featured properties from the portfolio. Local agents involved in the sale for WorldCom were Michael Shalit, SIOR, president and principal, Daniel J. Duggan, director corporate services, and Lance Shalit, corporate services specialist with North Brunswick, NJ-based NAI Eric Bram & Co.

In addition to marketing WorldCom’s prime portfolio, the team of commercial property experts has evaluated hundreds of WorldCom leases to determine opportunities for consolidation and other cost containment measures.

“In light of the current market environment, we are finding significant interest from users and investors in the properties offered for sale. Additionally, due to the favorable leasing environment, we have been able to identify areas for substantial savings,” says Jeffrey M. Finn, president & COO of NAI.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.