Basking Ridge Offices Trade, Offering Value-Add Potential for New Ownership
Cushman & Wakefield arranged the sale of a 216,573-square-foot office property located at 131 Morristown Rd, in Basking Ridge, NJ for an undisclosed sum. The firm’s David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach represented the seller and procured the buyer, Adoni Property Group.
“This was a unique opportunity to acquire an expansive 34-acre site with exceptional access on and off I-287 in one of Northern New Jersey’s most affluent areas,” said DiTommaso.
Sobel added, “The property provides optionality for new ownership to implement a value-add leasing strategy while also pursuing alternative options for the site in the future.”
Following the sale, William O’Keefe and Charles Parmelli of Cushman & Wakefield will serve as exclusive leasing agents for the property.