SOMERSET, NJ-Cushman & Wakefield Inc. has arranged the sale of 220 Davidson Ave., a 164,000-square-foot office building. Private equity fund manager NextBridge Group LLC, based in Central New Jersey, acquired the asset from an institutional lender. Andrew Merin, David Bernhaut, Gary Gabriel and Thomas Walsh of Cushman & Wakefield's Metropolitan Area Capital Markets group represented the seller and procured the buyer.
"This was a lender-owned property," Gabriel tells GlobeSt.com. "It is a very opportunistic and logical buy for NextBridge, which owns a number of properties in that market, as well as diversified commercial real estate assets in various markets throughout the US. There were a number of competitive offers for the building, but NextBridge distinguished themselves and bought the property very attractively on a per-square-foot basis." The purchase price is not being disclosed.
Healthcare IT provider McKesson Information Solutions is the primary tenant on a roster that includes the American Arbitration Association, Kyocera, Prudential, National Resources Conservation Services and SVM E-Business Solutions. Completed in 1984, the four-story asset features 40,435-square-foot floor plates and includes an on-site management office, cafeteria, and fitness centers.
Located on 10.1 acres just off I-287 in Central New Jersey's Somerset County, 220 Davidson recently underwent a renovation to its lobby, elevators and common areas. The site provides parking for 648 cars.
The Metropolitan Area Capital Markets group has completed more than $13.8 billion worth of transactions since 2000. Over the past four years, this included an average of $1.3 billion annually, reaching $2.7 billion in 2007.
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