LaSalle Investment Management has purchased Atrium Corporate Park and Campus Drive Executive Park in Somerset, N.J., totaling 1.15 million square feet, for $104 million.
The seller is a joint venture between Allegiance Realty Corporation of Charlotte, N.C., and Rockpoint Group, L.L.C. of Boston.
The sale is one of the largest commercial real estate transactions in northern New Jersey during the past year, according to Cushman & Wakefield, which negotiated the deal.
Atrium Corporate Park is a 4-building, 857,893-square-foot Class A office campus in Somerset, N.J. It also includes the Garden State Exhibit Center, totaling 83,228 square feet, and the undeveloped 17.4-acre 600 Atrium Drive, bringing the entire portfolio to 941,121 square feet. The park has a variety of amenities including two cafés and a fitness center.
Campus Drive Executive Park, also in Somerset, is made up of two adjacent four-story buildings totaling 207,812 square feet located on 12.8 acres. The buildings were previously occupied by AT&T and now have new tenants.
***
Send tips or a Letter to the Editor to janis@inman.com or call (510) 658-9252, ext. 140.
