(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19)
CEDAR KNOLLS, NJ–The 118,000-square-foot Cedar Knolls Corporate Center in Morris County has been acquired by MB1 Capital Partners, a private investment company based in Wall which plans to upgrade and improve the property.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller in the recent transaction. MB1, in turn, awarded the leasing assignment for the office building to a Cushman & Wakefield team based in Edison. Paul Giannone, Ken Flynn and Kevin Carton assume responsibility for leasing at Cedar Knolls Corporate.
The mufti-tenanted center at 240 Cedar Knolls Road is situated at the crossroads of the Morristown-Parsippany office corridor, with quick access to Routes 10 and 24, I-287, I-80 and local roadways. The building has space available from 1,000 square feet to a full floor of 30,000 square feet.
“This is an excellent location in one of the state’s most desirable markets,” says Joel Brudner, managing partner of MB1. “This acquisition provides a value-add investment opportunity that enables us to offer competitive lease pricing for quality space in a building with a proven track record.”
Giannone adds that “MB1 plans to make various capital improvements to enhance the building, positioning this project as one of the most attractive values for tenants seeking space in the Morris County market area.” Giannone said his team is reaching out to both corporate and local tenants.
Cedar Knolls Corporate Center is a four-story building set on a 15-acre park-like campus. Built in 1981, the center’s common areas were renovated in 2007 and include an on-site caf
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