JLL arranges financing for office property in Somerset County, New Jersey
The 2-building portfolio is 98% leased to tenants spanning multiple industries
MORRISTOWN, N.J., August 1, 2019 – JLL announces that it has arranged acquisition financing for 180-188 Mount Airy Road, two office buildings and an ancillary structure totaling 104,202 square feet in the Somerset County community of Basking Ridge, New Jersey.
JLL worked on behalf of the borrower/buyer, PAG Investments and CIG Properties, to secure the seven-year, fixed-rate acquisition loan through TD Bank.
180-188 Mount Airy Road comprises two, two-story office buildings that feature moderate-sized floor plates catering to companies seeking 1,000 to 10,000 square feet of space and total 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). Positioned on 14.4 acres at the Mount Airy Road and Interstate 287 interchange, the properties have immediate 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, 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.
The JLL Capital Markets team representing the borrower was led by Managing Director Michael Klein.
“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.”
“CIG has traditionally focused on residential assets and has recently expanded its' investment criteria to include office properties,” added Gershon Alexander, Principal of PAG Investments. “This acquisition will mark a foray into the office sector.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About PAG Investments
PAG investments is a privately held real estate investment firm headquartered in New York City. PAG is focused on the acquisition, development, redevelopment and management of retail, industrial and office properties in the Northeast and mid-Atlantic. PAG has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors and the communities in which they work and live.
About CIG Properties
CIG Properties is a privately held real estate investment company founded by Joel and Jason Schneid. CIG was initially founded with a focus on residential redevelopment in economically depressed neighborhoods. CIG has completed numerous projects, having renovated and redeveloped over 2,000 units and has significantly contributed to the Renaissance of Newark and the surrounding towns. Since inception, CIG has had a strong focus on the acquisition re-development, ownership and management of distressed multi-family residential properties and has now expanded its portfolio to include value-add office properties.