JLL completes sale of Mountain Heights Corporate Center
Institutionally maintained campus in the Interstate 78 Corridor of Northern New Jersey
MORRISTOWN, N.J., May 14, 2020 – JLL Capital Markets announced today that it has closed the sale of Mountain Heights Corporate Center, a two-building, Class A office complex totaling nearly 303,000 square feet in Berkeley Heights, New Jersey.
Mountain Heights Corporate Center is located at 420 and 430 Mountain Avenue in the prestigious Interstate 78 Corridor submarket of Northern New Jersey. This location offers convenient access to Manhattan and Newark Liberty Airport as well as many shopping and dining options in downtown Berkeley Heights and Summit. The property features covered executive parking, a full-service cafeteria and a fitness center with locker rooms. Recent renovations made to the complex led to a surge in new leasing, which resulted in occupancy of nearly 80%.
“This transaction is a testament to the hard work completed by all involved despite the very challenging economic environment,” Cruz stated.
The JLL Capital Markets team representing the seller included Senior Managing Directors Jose Cruz and Kevin O’Hearn and Senior Directors Steve Simonelli and Michael Oliver and Director JB Bruno.
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. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About EverWest Real Estate Investors LLC
EverWest Real Estate Investors LLC, a wholly owned subsidiary of GWL Realty Advisors, is a real estate investment and operating company based in Denver, Colorado. The company’s goal is to create significant value for investors through a combination of capital appreciation, strategic acquisition, development, capitalization, repositioning and management of commercial real estate assets. For more information on EverWest, visit everwest.com. For more information on GWL Realty Advisors, visit gwlra.com.