EverWest Sells New Jersey Corporate Center
- May 15, 2020
EverWest Real Estate Investors has sold Mountain Heights Corporate Center, a two-building office campus totaling nearly 303,000 square feet in Berkeley Heights, N.J. Signature Acquisitions purchased the Class A property, public records show. The asset last traded in 2006, according to Yardi Matrix information.
Located at 420 and 430 Mountain Ave., the four-story buildings came online in 1986 and 1998, respectively, and underwent significant renovations over time. The property features floorplans of 43,932 and 45,750 square feet as well as a parking ratio of 4 spaces per 1,000 square feet. Amenities include a full-service cafeteria and a fitness center. The campus was almost 80 occupied at the time of sale, per JLL information.
The 24-acre property is some 2 miles east of the city center in the Interstate 78 Corridor submarket of Northern New Jersey. The location provides easy access to Newark Liberty International Airport, which is 15 miles east of the corporate center.
JLL represented the seller and procured the buyer in the deal. Senior Managing Directors Jose Cruz and Kevin O’Hearn, together with Senior Directors Steve Simonelli and Michael Oliver, negotiated the deal on behalf of EverWest. The same brokers were also part of the Capital Markets team which arranged the disposition of a two-building, 550,000-square-foot office campus in Parsippany, N.J.