October 17, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of 240 Cedar Knolls Road, a 120,000-square-foot, suburban office building in the Morris County, New Jersey community of Cedar Knolls.
The HFF team represented the seller, MB1 Capital Partners, and procured the buyer, Highstone Equity Group, a private investor.
240 Cedar Knolls Road is situated on 14.06 acres immediately adjacent to Interstate 287 and just 2.3 miles from downtown Morristown, which offers a variety of restaurants and shops. The four-story building is 78 percent leased to tenants, including JAG Physical Therapy and P Value Communications. Recent improvements at the property include a new roof, café and renovation of common areas.
The HFF investment advisory team representing the seller included Stephen Simonelli, Jose Cruz, Kevin O’Hearn, Michael Oliver and Axel Anderson.
“There is still strong demand for well-located office buildings with upside,” Simonelli stated. “The property’s proximity to highways as well as downtown Morristown commanded significant interest from the investment community.”
“Our basis in the property along with the ‘good bones of the building’ provide us the opportunity to infuse a significant amount of additional capital into the building,” added a representative of the buyer. “We look forward to implementing a capital improvement plan that will include renovating the lobbies, corridors and restrooms and updating the building amenities. These upgrades along with our hands-on management team, will provide new and existing tenants, an exceptional experience at the building.”