Atrium Corporate Park in Somerset — Courtesy: JLL
By Joshua Burd
A three-building, 679,000-square-foot office park in Somerset County has changed hands for $33.5 million, following a sale arranged by JLL.
Brokers with the firm announced Tuesday that they represented both parties in the sale of Atrium Corporate Park, located at 300, 400 and 500 Atrium Drive in the Somerset section of Franklin. The names of the buyer and seller were not disclosed.
The JLL capital markets team included managing directors Joseph Garibaldi and Thomas Walsh, Vice President Heather Lombardi and associates Katelyn Borovsky and Nick Vanderslice. They touted the 47.8-acre site’s proximity to the region’s talented labor pool and access to highways such as interstates 287 and 78, Route 22 and the New Jersey Turnpike.
“Atrium Corporate Park is an institutionally owned and maintained office portfolio that offered the buyer a compelling combination of credit cash flow stability and value-add leasing upside,” Garibaldi said. “Atrium Corporate Park offers one of the best value propositions in the Lower 287 submarket.”