A joint venture between two real estate companies purchased the Mount Kemble Office Park in New Jersey for $35 million.
According to one of the buyer’s reps, MLK Real Estate Capital, the property at 350-360 Mount Kemble Avenue spans two buildings and approximately 230,000 square feet of class-A office space. MLK arranged more than $27 million in bridge financing.
MLK represented this assignment on behalf of The Birch Group, a New York-based Real Estate
operator, andarranged for a joint venture between The Birch Group and Vision Properties. Vision
Properties will be managing the property on a day to day basis.
The $35 million property and is currently 81 percent occupied by a strong and diverse tenant base with a weighted average lease term of seven years. The sponsor’s business plan is to lease up the remaining available space by investing in capital expenditures
and tenant improvements at the property.
MLK’s Managing Principal Solomon Kinraich said, “This was a compelling transaction
for us to represent due to the attractive in place tenant mix secured by long term leases, very
favorable demographics of the office submarket in Morristown and value-add business plan that
will be implemented by the new ownership group.”