Bedminster, N.J. Office Asset Sold
18 Aug, 2009, Bedminster
Cushman & Wakefield's Metropolitan Area Capital Markets Group has arranged the disposition of 150 Morristown Road in Bedminster, which NPV Direct sold to Denholtz Associates.
NPV Direct purchased the 60,000-square-foot office property in 2006; that transaction also was brokered by the Metropolitan Area Capital Markets Group.
"This is a boutique building in a Class-A location with a significant amount of upside in the re-leasing of the available space," noted Cushman & Wakefield's Executive Director Jose Cruz. Cruz and David Bernhaut headed the marketing assignment with team members Andrew Merin and Gary Gabriel. "The seller was able to take advantage of the demand for value-added opportunities," added Bernhaut.
150 Morristown Road occupies a desirable in-town location directly on Routes 202/206 and is easily accessible to Interstate 78. The two-story building enjoys inherent competitive position due to Bedminster's zoning, which does not allow for additional office inventory.
Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in real estate sales, joint ventures and financing in Northern New Jersey, Fairfield County, Conn.; and Long Island and Westchester County, N.Y. The team has completed more than $13.6 billion worth of transactions since 2000. Over the past four years, this included an average of more than $1.5 billion annually, reaching $2.7 billion in 2007.