CBRE Announces Sale of Two Office Buildings in New Jersey
- Oct 12, 2016
By Irina Vrasmas
Bernards, N.J.—Mack-Cali Realty Corp. recently disposed of two New Jersey office buildings in a deal worth $9.6 million. Buyer Exclusive Management was procured by a CBRE team consisting of Jeremy Neuer, Jeffrey Dunne, Kevin Welsh and Brian Schultz, that also represented Mack Cali in the transaction.
The two office buildings are located at 222 & 233 Mount Airy Road and offer 115,961 square feet of space. They are currently 65 percent leased to a diversified tenant base. The rents will provide in-place cash flow while the buyer carries out aesthetic enhancements and rebranding.
“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, in prepared remarks.
The property is located at the intersection of Mount Airy Road and Whitenack Road, just off Exit 26 of I-287, and in close proximity to I-78. Situated in the Golden Triangle region of New Jersey, the two buildings grant easy access to a mix of high-end communities and corporate headquarters in the I-287/I-78 submarket.
Image courtesy of CBRE