By Corina Stef
Mountain Development Corp. (MDC) has added 170,000 square feet to its portfolio by purchasing an office building in New Jersey’s Union County. The sale was backed by a $13.8 million acquisition loan funded by Prime Finance Partners, public records show. According to Yardi Matrix, the company acquired the property from Pitcaim Properties, which paid $31 million for it in 2006. CBRE Senior Vice President Geoffrey Schubert and Nick Savage arranged the transaction on behalf of both parties, while Newmark Knight Frank‘s Jordan Roeschlaub assisted the owner in securing the financing.
The property is located at 41 Spring St., in New Providence, N.J., and it originally served as an industrial building. It was constructed in 1979 and was converted to office in 1997.
- A recently renovated lobby and fitness center
- 16-foot ceiling heights
- A full-service café
- New electric car charging stations
- Private business entrances
- Multiple loading docks
- Reimagined landscape
The asset offers easy access to New Jersey Transit Murray Hill station, routes 78 and 24, the Garden State Parkway, New Jersey Turnpike, Newark Liberty International Airport and New York City. Nearby amenities include stores, restaurants, sports clubs and hotels.
MDC will handle property management, and the firm has selected a CBRE team fronted by Schubert to provide leasing services. The building offers 30,000 square feet of vacant available space, divisible to 10,000 square feet and suited to meet the needs of corporate, technology, laboratory and high-tech manufacturing firms. The rest of the space is occupied by tenants such as CR Bard, Interactions LLC, Linde North America and TRC Environmental Corp.
“41 Spring St.’s Union County address, in the heart of a desirable Northern New Jersey office market, makes this asset a very exciting addition to our portfolio,” MDC Director of Acquisitions Bill Martini said in a prepared statement. “The building’s first-class creative space provides an excellent opportunity for companies in a range of industries looking to expand or relocate their operations in a premier transit-oriented environment.”
Image courtesy of Mountain Development Corp.