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First Mile Capital Acquires Multi-Tenant Morristown Offices
Cushman & Wakefield arranged the sale of 340 Mount Kemble Ave., a 439,059-square-foot trophy office building in Morristown, NJ. The sale price was not disclosed.
The team of David Bernhaut, Gary Gabriel, Andy Merin, Frank DiTommaso and Bill Baunach represented the sellers, Onyx Equities and PCCP. The property was acquired by First Mile Capital, an affiliate of Crown Acquisitions. Acquisition financing was arranged by Brad Domenico of Cushman & Wakefield’s Equity, Debt & Structured Finance group. The loan was provided by Societe Generale.
“340 Mount Kemble represents a monumental sale in today’s office environment and will likely remain as one of the largest suburban office transactions in the U.S. in recent times,” said Bernhaut. “Onyx and PCCP did an exceptional job repositioning this former corporate facility, essentially rebuilding it from the inside out.”
Onyx and PCCP spent $50 million to renovate what was an AT&T call center. Today, the property is 94.5% occupied.
- ◦Sale/Acquisition
- ◦Financing
