180-188 Mount Airy Road in Basking Ridge — Courtesy: JLL
By Joshua Burd
A joint venture has secured financing for its acquisition of a two-building, 104,202-square-foot office complex in Somerset County, brokers with JLL announced Thursday.
The firm’s Morristown-based capital markets team represented the borrowers, PAG Investments and CIG Properties, in sourcing the loan for 180-188 Mount Airy Road in the Basking Ridge section of Bernards. TD Bank is providing the seven-year, fixed-rate acquisition loan.
JLL Managing Director Michael Klein led the team representing the borrower. The firm did not disclose the value of the loan.
“JLL is pleased to have worked with CIG Properties and PAG Investments to secure acquisition financing once again,” Klein said. “This asset’s strategic location near an extensive highway infrastructure and a highly educated labor pool has resulted in strong historical occupancy at the property. PAG and CIG will do extremely well with this asset.”
Located on 14.4 acres off Interstate 287, 180-188 Mount Airy Road is 98 percent leased to tenants including Global Bankers Insurance Group, Microchip Technology, Precision System, Montgomery Academy and The Learning Experience.
The acquisition also includes a historic farmhouse and residence totaling 3,230 square feet, JLL said. The firm touted the site’s access to Interstate 78 and Route 202/206, along with the surrounding affluent population.
“CIG has traditionally focused on residential assets and has recently expanded its investment criteria to include office properties,” said Gershon Alexander, principal of PAG Investments. “This acquisition will mark a foray into the office sector.”
