Somerset Corporate Center in Bridgewater — file photo
By Joshua Burd
Brokers with JLL have secured a $32.5 million loan for SJP Properties and PGIM Real Estate to refinance a 325,000-square-foot office building in Bridgewater, the real estate services firm said.
In a news release, JLL said its capital markets team completed the transaction on behalf of the joint venture, sourcing the loan through Sterling National Bank. The financing is tied to Somerset Corporate Center IV, one of five buildings in SJP’s Class A office park.
JLL Managing Director Jonathan Schwartz, Vice Chairman Aaron Appel, Executive Vice President Brett Rosenberg and Associate Douglas Baillie led the JLL team on the refinancing.
“Somerset Corporate Center is widely known as the premier corporate headquarters location in Central New Jersey,” Schwartz said. “The property is centrally located within one of the country’s strongest corridors for the pharmaceutical and technology sectors.”
Somerset Corporate Center IV, located at 400 Somerset Corporate Blvd., is part of the master-planned campus that spans 1.25 million square feet. The property sits at the confluence of interstates 287 and 78 and routes 202/206, 22 and 28.