July 27, 2020
JLL Capital Markets closed the sale of The Offices at Bedminster, a two-building, Class A, institutionally-maintained office complex totaling 194,000 square feet in Bedminster, NJ.
The team of Jose Cruz, Kevin O’ Hearn, Michael Oliver, Steve Simonelli and J.B. Bruno marketed the property on behalf of New York Life Real Estate Investors and its client. An affiliate of Northeast Capital Group, based in Ramapo, NY, was the buyer.
“Despite these very challenging economic times, we are seeing buyers make long-term investment decisions on office assets in the northern and central New Jersey market,” said Cruz. “The quality, location and strong tenant base of the asset were the main reasons for the high level of interest.”
Although completing the deal during a pandemic proved challenging, “New York Life afforded appropriate timing, which resulted in Northeast Capital being able to perform strongly and close at the award price,” O’Hearn added.
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