SOMERSET, NJ-SHI International Corp. recently picked up a 430,000-square-foot, two-building office complex dubbed Somerset Grove Corporate Center. The assets, formerly owned by LNR New Jersey Partners Inc., were occupied by AT&T under a long-term lease and subsequently vacated. As receiver for the lender, Newmark Knight Frank won the assignment to manage, lease and sell the property.

Richard J. Madison, principal, combined his six-person team of tenant and agency professionals with Newmark Knight Frank’s Tri-State Capital Group led by principal Matthew Schnurr. “The investment opportunity was broadly marketed to reach both investors and corporate users,” says Schnurr. “We received 86 confidentially agreements and given the number of qualified offers, were able to negotiate a favorable price for our client.” SHI will be occupying approximately half the space and target other corporate tenants for the balance of complex, says Richard Mirliss, a managing director at NKF.

“The location of Somerset Grove, at 290 Davidson Ave., offers extensive infrastructure, proximity to executive communities and a highly skilled labor force, making this class A asset a very desirable one,” adds Jackie Chesler, a director with the capital group team. “By repositioning and remarketing the property through an aggressive business plan, the new ownership can offer a high quality alternative at an affordable price.”