JLL arranged acquisition financing for 180-188 Mount Airy Road, two office buildings and an ancillary structure totaling 104,202 s/f in the Somerset County community of Basking Ridge, New Jersey.
JLL worked on behalf of the borrower/buyer, PAG Investments and CIG Properties, to secure the seven-year, fixed-rate acquisition loan through TD Bank.
180-188 Mount Airy Road comprises two, two-story office buildings that feature moderate-sized floor plates catering to companies seeking 1,000 to 10,000 s/f of space and total 100,972 s/f as well as a historic farmhouse/residence consisting of 3,230 s/f.
The property is 98 percent leased to a tenant roster that spans across industries, including law, financial services, education and medicine. Major tenants include: Global Bankers Insurance Group, Microchip Technology, Precision System, Montgomery Academy and The Learning Experience (an on-site daycare facility).
Positioned on 14.4 acres at the Mount Airy Road and Interstate 287 interchange, the properties have immediate access to many of the state’s primary commuter roadways, including Interstate 78 and Routes 202/206, which provide accessibility to New York City, 47 miles east, and Philadelphia, 58 miles southwest.
Additionally, 180-188 Mount Airy Road is situated in the heart of the “Wealth Belt,” boasting exceptional demographics within a one-mile radius that includes an average household income of more than $243,000 and a median home value of more than $789,000.
The JLL Capital Markets team representing the borrower was led by Managing Director Michael Klein.
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.”
“CIG has traditionally focused on residential assets and has recently expanded its’ investment criteria to include office properties,” added Gershon Alexander, principal of PAG Investments. “This acquisition will mark a foray into the office sector.”