3600 Route 66 in Neptune — Courtesy: Aspen Real Estate
By Joshua Burd
A joint venture has acquired a Monmouth County office building from Mack-Cali Realty Corp., with plans to launch a series of upgrades at the nearly 190,000-square-foot complex.
The buyers, Aspen Real Estate and Devli Real Estate, paid $26.25 million for the property at 3600 Route 66 in Neptune, according to a news release. The 188,408-square-foot building is fully leased, they said, touting its location minutes from the Garden State Parkway and Asbury Park and its easy access to the region’s growing population.
Its new owners now plan to add an upgraded 8,000-square-foot café, lounge and conference center to the 14.6-acre property.
“The growing population in Monmouth and Ocean counties is driving Aspen’s investment in the area,” said Phil Proetto, Aspen’s principal. “We are very excited to acquire such an attractive trophy asset at a basis that will generate fantastic immediate cash flow as well as provide us with the opportunity to add value through various leasing objectives.
“The building is in fantastic condition and the unique 50,000-square-foot floor plates are attractive to large tenants in today’s suburban office environment.”
Steven Schultz of Newmark Knight Frank brokered the deal, which marks Aspen’s seventh transaction in Monmouth County and follows the joint venture’s recent purchase of 260/270 Industrial Way, a 129,632-square-foot complex in Eatontown.
“The opportunity to purchase a fully leased, premier-trophy asset at an attractive yield was enticing to us,” said Mark Devli, Devli Group’s chief investment officer. “The ample weighted average lease term, as well as the property’s stable cash flow were key drivers, as both are factors paramount to our investment strategy.”
The Aspen-Devli team plans to invest $100 million in both stabilized and value-add opportunities in the region over the next 12 months.
