JLL Provides Financing for Basking Ridge Office Buy
“CIG has traditionally focused on residential assets and has recently expanded its' investment criteria to include office properties,” says Gershon Alexander, principal of PAG Investments. “This acquisition will mark a foray into the office sector.”
BASKING RIDGE, NJ—A partnership of New York City-based PAG Investments and CIG Properties of East Orange, NJ have acquired the two-building complex of 180-1888 Mount Airy Road here.
The deal for the 104,202-square-foot office complex was announced by JLL, which provided financing for the joint venture via a seven-year, fixed-rate acquisition loan through TD Bank. No further financial details of the transaction for the Somerset County office asset, including the value of the acquisition, were released.
The JLL Capital Markets team that represented the borrower was led by managing director Michael Klein. The deal was secured by Holliday Fenoglio Fowler LP prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
180-188 Mount Airy Road totals 100,972 square feet, as well as a historic farmhouse/residence consisting of 3,230 square feet. The property is 98% leased to a diversified tenant roster that spans across industries, including law, financial services, education and medicine. Major tenants include: Global Bankers Insurance Group, Microchip Technology, Precision System, Montgomery Academy and The Learning Experience (an on-site daycare facility).
“CIG has traditionally focused on residential assets and has recently expanded its’ investment criteria to include office properties,” says Gershon Alexander, principal of PAG Investments. “This acquisition will mark a foray into the office sector.”
Positioned on 14.4 acres at the Mount Airy Road and Interstate 287 interchange, the properties have access to many of the state’s primary commuter roadways, including Interstate 78 and Routes 202/206, which provide accessibility to New York City, 47 miles east, and Philadelphia, 58 miles southwest.
Additionally, JLL notes that 180-188 Mount Airy Road is situated in the heart of the “Wealth Belt,” boasting exceptional demographics within a one-mile radius that includes an average household income of more than $243,000 and a median home value of more than $789,000.
“JLL is pleased to have worked with CIG Properties and PAG Investments to secure acquisition financing once again,” Klein said. “This asset’s strategic location near an extensive highway infrastructure and a highly educated labor pool has resulted in strong historical occupancy at the property. PAG and CIG will do extremely well with this asset.”
In February, PAG Investments announced the completion of the acquisition Woodbridge Crossing, a recently renovated 285,229-square-foot retail center in the central New Jersey community of Woodbridge, Middlesex County. The deal came to an official close in a $25.5-million buyout from Onyx Equities.
In December 2018, PAG Investments purchased Loyal Plaza, a 293,607-square-foot, value-add shopping center anchored by GIANT Food Stores and Kmart in Williamsport, PA.