CBRE announced today that 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, New Jersey for $35,000,000. 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.
Mr. 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.
