American Real Estate Partners (AREP) and Independencia Asset Management has sold 1100-1200 American Boulevard in Hopewell Township, N.J., to an undisclosed buyer for $95 million.
Originally built in 2000 as part of the Merrill Lynch corporate campus, the property was constructed to the highest quality standards and consists of three Class-A office buildings totaling 380,417 square feet.
AREP acquired the property in 2013 as part of its portfolio strategy to moderate risk within its value-add strategy. Under the terms of the agreement, AREP will continue to lease and manage the property. The asset is currently 100 percent leased to Merrill Lynch which was acquired by Bank of America in 2008.
"The property is an exceptional asset in the fifth largest market in the country and represented a strong acquisition for the buyer," said David W. Bernhaut, executive vice chairman of Cushman and Wakefield's Capital Markets Group, the exclusive agent for the transaction.
