350 and 360 Mount Kemble Ave. in Morristown — Courtesy: CBRE
By Joshua Burd
A joint venture has sold a two-building, 230,000-square-foot office campus in Morristown for $35 million, in a transaction arranged by brokers with CBRE.
The real estate services firm represented Artemis Real Estate Partners and Onyx Equities LLC in the sale of the buildings, 350 and 360 Mount Kemble Ave., according to a news release. The Birch Group acquired the 81 percent leased campus, which is anchored by tenants such as Coughlin Duffy LLP and Avaya.
The CBRE team of Jeffrey Dunne, Jeremy Neuer and Travis Langer marketed the properties, while also procuring the buyer. They touted the buyer’s opportunity for increased income through further lease up, along with recent upgrades such as an expanded full-service café and renovated fitness center.
“(The campus) provides stable cash flow with excellent upside in one of the New York region’s fastest growing urban/suburban markets,” Dunne said. “This coupled with a weighted average lease term of nearly 7 years offers limited downside with exceptional opportunity for future leasing and rent growth.”
The full tenant mix at the property includes technology, finance, legal and professional services companies.