Aspen Real Estate and Devli Real Estate, in a Joint Venture, have acquired an 188,408 square foot, 100% leased office complex in Neptune, NJ from Mack-Cali. This is Aspen’s 7th transaction in Monmouth County and comes off the heels of the Aspen -Devli purchase of a 129,632 square foot complex less than a year ago at 260/270 Industrial Way, Eatontown, NJ. This acquisition further demonstrates their belief in the Monmouth County office sub-market.
Aspen Principal, Phil Proetto, states , “The growing population in Monmouth and Ocean Counties is driving Aspen’s investment in the area. We are very excited to acquire such an attractive trophy asset at a basis that will generate fantastic immediate cash flow as well as provide us with the opportunity to add value through various leasing objectives. The building is in fantastic condition and the unique 50,000 sf floor plates are attractive to large tenants in today’s suburban office environment.”
The complex, located at 3600 Route 66, consists of a 4-story, Class A office building, situated on 14.6 acres. The property benefits from its convenient location 2 minutes off the Garden State Pkwy, 10 minutes from the beaches and restaurants in Asbury Park, ample parking and the central location in the burgeoning Jersey Shores communities. Ownership plans to improve the amenities in the property, including adding an 8,000 square foot upgraded café, lounge and conference center. Devli ‘s Chief Investment Officer, Mark Devli, noted that the strong tenants, stable cash-flow and the quality of the underlying asset were the main drivers in this acquisition. “The opportunity to purchase a fully leased,premier-trophy asset at an attractive yield was enticing to us. The ample weighted average lease term,as well as the property’s stable cash flow were key drivers, as both are factors paramount to our investment strategy.”
The Aspen-Devli team isvery pleased with the acquisition and is actively working on other investments to add to their portfolio.They plan to invest 100 million dollars in both stabilized and value add opportunities within the next 12 months. Steven Schultz of The Newmark Knight Frank Capital Markets group brokered the deal.
About Aspen Real Estate: Aspen Real Estate is an opportunistic real estate investment fund and management company focused on adding value and maximizing returns for its investors.
About Devli Real Estate: Devli Real Estate is a real estate investment, development and management company with assets diversified in industrial, retail, multi-family, office, mixed-use properties and hotels.
