Brookwood Mt. Kemble Investors LLC, an entity controlled by the Beverly, MA-based Brookwood Financial Partners, was the seller. The transaction was arranged by Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis' New York Tri-State Investment Team. The broker trio represented the seller and brought the buyer to the deal.
"Brickman 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," Dunne says. "It's a preferred submarket for both tenants and investors."
Located near on a 38-acre site at 350-360 Mt. Kemble Ave. near I-287, the complex is largely filled up. About three-quarters of its rent roll is represented by investment grade tenants, including Morgan Stanley, St. Paul Fire & Marine Insurance Co., Watson Pharmaceuticals, the law firm of Coughlin Duffy and Taisho Pharmaceutical.
The complex wasn't in the portfolio of the Brookwood affiliate for very long as the now-former owner flipped the property to take advantage of market conditions. As reported by GlobeSt.com, Brookwood bought Mt. Kemble Corporate Center just over two years ago for $38.75 million, or $171 per sf. The latest sale represents a 46% increase in the property's market value in just two years, during which time the tenant roster has largely remained status quo. The seller in the previous transaction was the Morristown-based SSR Realty Advisors, an affiliate of MetLife.
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