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Specialty Pharma HQ Trades to P3 in Bedminster
P3 Properties has purchased Somerset Financial Center in Bedminster, NJ from Related Companies. A Cushman & Wakefield team of Kevin Donner, David Bernhaut, Gary Gabriel and Ryan Larkin brokered the sale of the 233,000-square-foot office complex, which is the New Jersey headquarters of specialty pharmaceutical company Mallinckrodt.
“We approached this acquisition with the goal of diversifying our portfolio and adding another core asset,” said Harvey Rosenblatt, CEO of P3. “The tenant’s in-place long-term lease provides stability and predictable cash flow, and we love the fact that the property is a wonderful work environment that reflects nearly $50 million in recent improvements.” It’s also down the road from P3’s Somerset Corporate Center in Bridgewater, providing economies of scale.
Cushman & John Alascio, Sridhar Vankayala and Zackary Kraft arranged $42 million in senior financing that was competitively bid out. The group ultimately secured the 10-year fixed-term, interest-only loan through Rialto Mortgage Finance.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
