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$30M Takes 135,000-SF Office

BASKING RIDGE, NJ-The class A 120 Mountain View Blvd. is now owned by KBS REIT II, the first pick-up since its initial public offering.

By Eric Peterson | Updated on July 31, 2008

BASKING RIDGE, NJ-The 134,980-sf class A office building at 120 Mountain View Blvd. here has been sold for $30 million, which factors out to just more than $222 per sf. The building is within the 169-acre Mountain View Corporate Center campus, which encompasses a total building stock of more than 800,000 sf.

The buyer was KBS REIT II, a publicly offered, non-traded trust, and the acquisition marks its first since the fund initiated its public offering earlier this year. The identity of the seller was not disclosed, and a spokesman for the buyer declined to comment. But the asset had been listed as part of the portfolio of the Parsippany, NJ-based SJP Properties, and is currently still posted on that company’s website.

In the transaction, which closed this week, KBS REIT II was represented in-house. The seller was represented by brokers Joseph Garibaldi IV and Peter Nicoletti of the New Jersey office of Jones Lang LaSalle.

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