233 Mount Airy Road in Basking Ridge — Courtesy: CBRE
By Joshua Burd
An investment firm will reposition two Basking Ridge office buildings after acquiring them from Mack-Cali Realty Corp., CBRE said Thursday after brokering the sale of the properties.
The buyer, Exclusive Management, paid $9.6 million for 222 and 233 Mount Airy Road, CBRE said. The brokerage represented Mack-Cali in the sale of the two buildings, which total 115,961 square feet, while procuring the Spring Valley, New York-based private capital firm as the buyer.
Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties orchestrated the sale in collaboration with Jeremy Neuer of CBRE’s East Brunswick office.
The buildings are currently 65 percent leased to a diverse tenant base, CBRE said. The firm touted the properties’ in-place rent roll as a source of cash flow while the buyer executes a repositioning strategy through aesthetic enhancements and rebranding.
“The acquisition of 222 and 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,” Kevin Welsh, senior vice president at CBRE, said in a prepared statement. “The property’s location and repositioning bodes well for its long-term success.”
Sitting at the intersection of Mount Airy Road and Whitenack Road, the buildings are just off Exit 26 of Interstate 287 and close to Interstate 78.