CBRE Announces $35M Sale of Morristown Property

On Apr 5, 2018

Jeffrey Dunne, Jeremy Neuer and Travis Langer of CBRE Institutional Properties represented Artemis Real Estate Partners and Onyx Equities in the sale of 350 & 360 Mount Kemble Avenue in Morristown for $35 million. The team was also responsible for procuring the buyer, The Birch Group.

350 & 360 Mount Kemble Avenue are two Class A office buildings totaling 229,685± square feet that are 81 percent leased to a diverse tenant roster of technology, finance, legal and professional services companies. Anchored by Coughlin Duffy LLP and Avaya, the property provides stable cash flow with an excellent opportunity for increased income through further lease up. The property has recently undergone significant lifestyle improvements including an expanded full-service café and upgraded fitness center.

Dunne commented: “350 & 360 Mount Kemble Avenue provides stable cash flow with excellent upside in one of the New York region’s fastest growing urban/suburban markets. This coupled with a weighted average lease term of nearly 7 years offers limited downside with exceptional opportunity for future leasing and rent growth.”

CBRE Institutional Properties has a number of attractive investment opportunities including: 100 Matawan Road in Matawan, New Jersey, a 133,678± square-foot Class A office building at 85 percent occupancy; Park 80 West, a 92 percent leased 510,126± square-foot premier office asset in Saddle Brook, New Jersey, and 3 Huntington Quadrangle a 408,917± square-foot live/work/play office opportunity at 99 percent occupancy in Melville, New York.

To access more business news, visit njbmagazine.com

Related Articles: