Somerset Financial Center is a 230,000 square foot institutional-quality office building situated along Route 202/206 in Bedminster Township, Somerset County,New Jersey. The property is located just north of the I-78 and I-287 intersection,providing exceptional local and regional accessibility. Having undergone a complete building renovation, Somerset Financial Center redefines modern functionality and offers the highest quality work environment along the I-78 Corridor.
The property has been 100 percent occupied by pharmaceutical companies since 1999. Currently, the buildings are occupied by Mallinckrodt Pharmaceuticals.
We recognized the stability and healthy cash flow offered by this triple net deal which features a lengthy 13-year lease term, and a recently completed $50 million renovation.
We purchased SFC in June of 2018 expanding our portfolio of stable core assets to 1.2 million square feet.
Somerset Financial Center is located conveniently down the road from another P3 asset, Somerset Corporate Center in Bridgewater, and puts us in a position to leverage resources across multiple assets.