Mid Atlantic Real Estate Journal — New Jersey — November 8 - 21, 2013 — C
ORRISTOWN, NJ — A joint venture of Onyx Equities, M Onyx Equities and Artemis Real Estate Partners Joint venture acquires Mount Kemble Corporate Center N ew J ersey www.marejournal.com
LLC and Artemis Real Es- tate Partners announced the acquisition of Mount Kemble Corporate Center, a 229,500-s/f, Class A office complex in Morristown, NJ. Bui l t in 2001 , Mount Kemble Corporate Center is among the most modern office buildings in the mar- ket. The complex, which is currently 64-percent occu- pied, is home to respected companies such as Coughlin Duffy Kelly , The Willis Group , Liberty Mutual , Taisho Pharmaceutical and Massey Quick . The new ownership plans to reposition the complex and reintroduce it to the market- place as a high-quality, low- cost alternative to the other ClassAproperties in the Mor- ristown submarket. Capital improvements will include the upgrades to the complex’s landscaping, concrete walk- way, parking lot and bath- rooms, and a power washing of the buildings’ facades. The complex currently features a full-service cafeteria and 24/7 key card access. “We view this as a strategic opportunity to acquire a qual- ity asset at a steep discount to historical values and create substantial value through the recapitalization, reposition- ing and lease-up of the prop- erty,” Onyx Equities senior vice president of investments Stephen Sullivan said. “By reintroducing the property with stable, well-capitalized ownership and rental rates that are below the competi- tive set in the submarket, we expect to lease up the complex in a short period of time. Mount Kemble has a distinct competitive advantage over much of Morristown’s office stock, which was developed in the 1970s and 1980s, making it functionally obsolete.” Situated on 38 acres, in- clusive of a three-acre pond, Mount Kemble Corporate Center is located within five minutes of MorristownGreen, Morris County Court House and the Morristown train station, as well as numerous hotels and restaurants. The complex’s location provides tenants with easy access to routes 287, 24/78, 202 and other major New Jersey high- ways. n
Mount Kemble Corporate Center
HFF closes sale of multi- housing development site
FLORHAM PARK, NJ — HFF announced the sale of Signature Place, a 25.37-acre, fully-approved multi-housing development site in Neptune, New Jersey. HFF marketed the property on behalf of a partnership be- tween Highview Homes and Chase Partners. The property sold for an undisclosed amount free and clear of debt. The site is located at 3660 Route 66, south of Corporate Drive and west of Jumping Brook Road just off Exit 100 on the Garden State Park- way and in close proximity to the Jersey Shore Premium Outlets. Once completed, the development will include 272 luxury apartment units, 8,142 square feet of retail space and associated parking. Current plans include community
amenities such as a 3,792 s/f clubhouse with fitness center, outdoor swimming pool, tot lots, rain garden, picnic area and two free-standing parking garages. The HFF investment sales team representing the seller was led by managing director Kevin O’Hearn along with senior managing director Jose Cruz and real estate analyst Marc Duval . Highview Homes and Chase Partners are leading real es- tate development companies with expertise in acquisi- tion, planning, design and construction of multi-housing communities. Each partner has experience in completing acquisitions and develop- ments throughout New Jersey and the surrounding Tri-State area. n
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