MIDDLETOWN, NJ-The Herrick Company of Florida is the new owner of AT&T's million-square-foot research center here.
Herrick has closed on purchase of a four-building campus in this Monmouth County community that is triple-net leased to AT&T for 95 years.
The purchase price was not specified, but the acquisition was part of a $650 million group of properties recently picked up by Herrick, including the Yale Cancer Support in New Haven, CT; 19 CVS Caremark stores in various locales; 38 Motel 6 properties; 23 retail bank branches and a corporate headquarters building leased to Old National Bank; and 27 distribution/retail centers leased to Flowers Foods.
AT&T and its successor Lucent have occupied office and research space in Middletown since the 1960s.
The former “Bell Labs” facility in Holmdel that was once part of AT&T was closed in 2006. It is currently being redeveloped into a mixed-use town center by Somerset Development. Bell Labs had become part of Lucent Technologies after the break-up of AT&T in the 1980s.
When Bell Labs was spun off, AT&T created AT&T as its major research facility in nearby Middletown.
The 40-year-old Herrick Co. has completed transactions valued in excess of $4 billion dollars.
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