Page 8 - RE-NJ

6 JUNE 2024
JLL: FORMER AT&T CAMPUS IN BEDMINSTER ON THE MARKET
Located at 900 Route 202-206 North, the complex spans 197 acres and has been rezoned by the township to accommodate up to 2 million square feet of total development targeted toward biotechnology research
and development and advanced manufacturing uses, JLL said. The firm is now marketing the newly branded Bedminster Technology Center for single or multitenant lease, sale or site redevelopment with acreage for sale that it says would appeal to next-generation companies seeking to build and own specialized space.
The offering follows AT&T’s recent departure from the iconic site
after more than 45 years, when it relocated within the township to a 233,000-square-foot office building at 1405-1425 Route 206.
“This remarkable campus is effectively a blank canvas,” said Dan Loughlin, a JLL vice chairman, who is leading a marketing team that includes Executive Vice President Charles Dillon, Executive Managing Director Matt Jackson, Managing Director Bob Ryan, General Manager Bob Stark, Vice President Ron Simoncini and Associate Vice President Matt Loughlin, as well as a
new five-year, $50 million mortgage for the property with a fixed rate of 6.03 percent, while it’s projecting the first-year cash yield on the investment to exceed 10 percent.
Cushman & Wakefield’s Gary
Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Max Helfman represented Invesco and Advance in the sale, while the firm’s John Alascio, TJ Sullivan, Chuck Kohaut and Mitch Rothstein secured acquisition financing on the buyer’s behalf. Meantime, Mark Gilbert, C&W’s head of retail capital markets for the Americas, was also involved in the sale and financing.
“We’d love to find more assets like Ledgewood,
and our team is
busy evaluating
anything that
could be a fit,”
Chairman and
CEO Jeffrey
Olson said
during the REIT’s
earnings call,
according to a transcript. “The current interest rate volatility greatly benefits buyers like us who are both well capitalized and highly trusted by sellers,
capital markets group led by senior managing directors Jose Cruz and Jeremy Neuer.
Loughlin added: “With its current redundant
infrastructure
capacity and
fully secured
location with
superior
transportation
options and
access to a
highly educated
population, Bedminster Technology Center could be redeveloped with its as-of-right zoning as a technology park for the development of advanced manufacturing facilities in an expedited timeframe.”
JLL noted that the property, long known as One AT&T Way, consists of four interconnected buildings totaling 939,795 square feet and features a global network operations center, a heliport and 15 acres of covered and surface parking. The site also has some 300,000 square feet available for a conference center, hotel and amenities that could include a fitness center, restaurants or retail.
brokers and lenders. I believe we are at the top of that list in our markets.”
The property’s anchor tenant,
the 164,087-square-foot Walmart Supercenter, opened in fall 2020 as part of an expansion of an existing store. Advance’s project also involved moving the existing Marshalls to a more prominent location and adding new retailers and food operators.
“Our partnership is proud of the creativity and
the resulting
execution in
taking this
once obsolete
regional mall
and reimagining
it into a
thriving Class A
power center,”
said Alex Cocoziello, an Advance Realty principal and the firm’s chief investment officer. “From development through disposition, our team’s dedication to effectuating the business plan remained diligent, resulting in
a new pillar for the community with
a great roster of nationally branded tenants the citizens of Ledgewood and Morris County will enjoy for years to come.”
MetLife Investment Management has tapped JLL to reposition and market the nearly 1 million-square-foot former AT&T campus in Bedminster,
providing what the brokerage team says is a prime opportunity for new users or a developer seeking to reinvent the property.
Dan Loughlin
The former AT&T campus at 900 Route 202-206 North in Bedminster is now the Bedminster Technology Center.
URBAN EDGE BUYS NEW-LOOK RETAIL CENTER FOR $83 MILLION
Urban Edge Properties has acquired a newly redeveloped, 448,000-square-foot shopping center in Morris County for $83 million, the real estate investment trust announced in early May.
Located on Route 10 in Roxbury,
the property known as The Shops
at Ledgewood Commons is home
to the likes of Walmart, Marshalls, Burlington, Ulta, Starbucks and Chipotle. They’re among the many tenants at the former Ledgewood Mall site, which Advance Realty Investors deconstructed and repurposed as
an open-air shopping center starting roughly seven years ago.
Urban Edge closed on its acquisition in early April, highlighting the deal on May 7 during its first-quarter earnings report. The initial capitalization rate on the transaction was 7.9 percent, the REIT said, noting that it’s expecting future growth from two preapproved but undeveloped outparcels totaling 20,000 square feet and the lease-up of small shop vacancies.
Urban Edge added that it secured a
The Shops Ledgewood Commons at 461 Route 10 in Roxbury
Jeffrey Olson
Alex Cocoziello
THE BRIEFING
File photo/Courtesy: Advance Realty Investors Courtesy: JLL