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.”
CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.
CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: Two Riverfront Plaza, a 337,500 square foot trophy office building in Newark, New Jersey that is net leased to Panasonic N.A.; 175 Park Avenue, the world-class 270,000 square foot global headquarters of Realogy in Madison, New Jersey; 500 Plaza Drive, a recently renovated 462,000 SF that is 99% leased and serves as the world headquarters for The Children’s Place and Quest Diagnostics within a mixed-use environment in Secaucus, New Jersey; and 300 Harmon Meadow, a 125,000 square foot multi-tenant office building that is home to the corporate headquarters of Vitamin Shoppe in Secaucus, New Jersey.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
