P3 Properties Sells Property At 1405 Us-206 Bedminster Township With Buyer's Rep Kevin Donner

The property involved in this transaction is located at 1405 Us-206, Bedminster Township, New Jersey. It is a 233,000-square-foot office complex, which serves as the New Jersey headquarters of Mallinckrodt, a specialty pharmaceutical company. The asset is noted for its 'pharma belt' location and the surrounding labor pool, designed to offer a premier work environment.

Summary of transaction details:

• Property Type: Office Complex
• Transaction Amount: Not disclosed
• Buyer: P3 Properties
• Seller: P3 Properties
• Buyer's Representative: Kevin Donner - Newmark
• Brokerage: Cushman & Wakefield
• Investment Sales Team: Kevin Donner, David Bernhaut, Gary Gabriel, Ryan Larkin
• Loan Amount: $42 million
• Loan Type: 10-year fixed-term, 10-year interest-only loan
• Financing Company: Rialto Mortgage Finance
• Tenant: Mallinckrodt
• Number of Employees: 480
• Recent Improvements: Nearly $50 million

Cushman & Wakefield's investment sales team facilitated the trade, targeting select investor entities and successfully procuring P3 as the buyer. The firm's Equity, Debt & Structured Finance team was involved in arranging the senior financing. P3 Properties aims to diversify its portfolio with this acquisition, seeing potential in the tenant's long-term lease stability. The Somerset Financial Center's location is close to another P3 asset, allowing for operational efficiencies.