Morristown's Mt. Kemble Corporate Center sold.Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Tri-State Investment Team recently represented Brookwood Mt. Kemble Investors, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an entity controlled by Brookwood Financial Partners, L.P., in the sale of Mt. Kemble Corporate Center for $56.7 million or $248.84 psf. The team was also responsible for procuring the buyer, Brickman Real Estate Fund II, L.P., an entity controlled by Brickman Associates. Brickman, headquartered in New York, is a real estate owner-operator and investment company. Brickman purchased the properties through its Brickman Real Estate Fund II, which invests in core real estate assets throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Mt. Kemble Corporate Center, located at 350-360 Mt. Kemble Avenue in Morristown, New Jersey Morristown is a town in Morris County, New Jersey, United States. As of the United States 2000 Census, the town population was 18,544. Its estimated population in 2004 was 18,842. It is the county seat of Morris CountyGR6. , is a 227,860-s/f institutional quality, two-building office property located off Exit 33 of Interstate 287. The buildings sit in a corporate campus environment within the Morris County office corridor, one of the largest concentrations of Fortune 1000 companies of any office submarket in the New York Metropolitan region. Mt. Kemble Corporate Center has very high quality tenancy, with over 73% of the rent roll represented by investment grade credits, which include Morgan Stanley, St. Paul Fire & Marine Insurance Company, Watson Pharmaceuticals, Coughlin Duffy, and Taisho Pharmaceutical. Jeff Dunne had the following comments on the sale: "Brickman Associates has acquired a stabilized, institutional quality asset that benefits from a very high credit, diversified rent roll with no near-term exposure to lease rollover A graphic element in an application or on a Web page that changes its color or shape when the pointer is moved (rolled) over it. See JavaScript rollover. See also n-key rollover. ; an excellent investment in a preferred submarket by both tenants and investors." |
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