JLL To Manage Select Advance Properties

BEDMINSTER, NJ-Advance Realty has appointed Jones Lang LaSalle as property manager for select properties within the company’s multi-million-square-foot portfolio. According to Kurt Padavano, COO of Advance, the properties include portions of the company’s portfolio in Virginia, Maryland and New Jersey.

“Following a comprehensive review of our portfolio, we selected, on a strategic basis, properties for which we felt we could bring increased value to our operations by retaining one of the most successful third-party service providers,” Padavano tells GlobeSt.com.

Advance will now focus its internal resources on asset management for these properties. “This outsourcing move will support Advance’s continued focus on its resources toward asset management functions, including leasing, financing and strategic investments,” Padavano says, adding, “In order to maintain and enhance the value of properties today, the fundamentals of property management, such as tenant relations, are more critical.”

In other JLL news, the firm has arranged a 40,793-square-foot office lease at 500 Hills Dr. in Bedminster with Peapack-Gladstone Bank, which is relocating its company headquarters from 158 Route 206 N. in Gladstone. The Jones Lang LaSalle leasing team of vice president Jodie Matthews, executive vice president Dennis McConnell and associate Peter Politi represented the landlord, MIREF, in the transaction.

Brokers Jim Sousa and John Udell of Weichert Commercial Brokerage represented Peapack-Gladstone, a full-service bank that provides personal and business banking along with consumer and commercial lending and trust and investment services. Area rental rates are $23.48, according to a FirstService Williams report.

The class A building is part of the Offices at Bedminster, a business location that features two three-story buildings totaling 190,000 square feet. “Having outgrown our administrative offices in Gladstone, we were searching for a headquarters environment that would accommodate our current and future space needs in a location that would allow us to stay true to our area roots and maintain our regional presence,” says Frank A. Kissel, chairman and CEO of Peapack-Gladstone.