CBRE Announces $9.6 Million Sale of 222 & 233 Mount Airy Road

On Oct 7, 2016

CBRE Group, Inc. announced that Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties in collaboration with Jeremy Neuer of CBRE’s East Brunswick office represented Mack-Cali Realty Corporation in the $9.6 million sale of 222 & 233 Mount Airy Road in Basking Ridge, New Jersey. The team was also responsible for procuring the buyer, Exclusive Management, a private capital investment firm out of Spring Valley, New York.

The property consists of two office buildings totaling 115,961 square feet that are currently 65% leased to a diverse tenant base. The rent roll provides in-place cash flow while the buyer executes a repositioning strategy through aesthetic enhancements and rebranding.

222 & 233 Mount Airy Road offer exceptional regional access driven by its location at the intersection of Mount Airy Road and Whitenack Road just off of Exit 26 of I-287, and within close proximity of I-78. The Property also benefits from the tightening I-287/I-78 office submarket and its location within the “Golden Triangle” region of New Jersey, which includes a mix of high end communities and corporate headquarters.

“The acquisition of 222 & 233 Mount Airy Road offers the opportunity for Exclusive Management to grow net operating income through the execution of a value-add strategy that includes the implementation of new capital improvements and the reintroduction of the property to the market,” said Kevin Welsh, Senior Vice President at CBRE. “The property’s location and repositioning bodes well for its long-term success.”

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