Exclusive Management, a private capital investment firm out of Spring Valley, New York, has picked up a two-building office complex in Basking Ridge, New Jersey in a $9.6 million deal. Located at 222 & 233 Mount Airy Road, the property totals 115,961 sqf and is currently 65 percent leased. CBRE’s Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties in collaboration with Jeremy Neuer of CBRE’s East Brunswick office represented the seller, Mack-Cali Realty Corporation.
“The acquisition of 222 & 233 Mount Airy Road offers the opportunity for Exclusive Management to grow net operating income through the execution of a value-add strategy that includes the implementation of new capital improvements and the reintroduction of the property to the market,” said Kevin Welsh, Senior Vice President at CBRE. “The property’s location and repositioning bodes well for its long-term success.”
