Basking Ridge Property Sells For $9.6 Million

BASKING RIDGE, NJ — The Mount Airy Road commercial property in Basking Ridge was sold for $9.6 million and has a new owner.

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 sale of 222 & 233 Mount Airy Road in Basking Ridge.

The property consists of two office buildings totaling 115,961 square feet that are currently 65 percent 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.

Located just off Routes 287 and 78, the property is an attractive location for businesses.

“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.”

(Photos provided)

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