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Office Property in NJ STEM Corridor Changes Hands

Mountain Development Corporation has sold Spring Street Innovation Center in New Providence, NJ for $23 million to Shelbourne Global Solutions. The property is a 171,216-square-foot, single-story building with research and development, technology and office space.

Representing the seller was an NKF capital markets team of Kevin Welsh, Brian Schulz and Chuck Kohaut. The NKF team collaborated with Mountain Development’s leasing agent, Geoff Schubert from CBRE.

Located at 41 Spring St. in New Providence, the property—which is located in an established STEM micromarket—recently underwent more than $3.5 million in capital improvements.

“Mountain Development created substantial value at Spring Street Innovation Center, completing more than 55,000 square feet of new leases during their 18-month hold period,” said Schulz. “Shelbourne is well positioned to realize additional upside, benefitting from ongoing leasing activity to stabilize the asset fully.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).