MORRISTOWN, NJ-A joint venture of Onyx Equities and Artemis Real Estate Partners has acquired the 12-year-old Mount Kemble Corporate Center here for repositioning.
Here's the plan, says Onyx's investment executive Stephen Sullivan: “We view this as a strategic opportunity to acquire a quality asset at a steep discount to historical values and to create substantial value through the recapitalization, repositioning and lease-up of the property.”
The 229,500-square-foot complex, built in 2001, is currently about 64% occupied.
It is among the more modern office spaces available in Morristown, where most of the office stock was built in the 1970s and '80s. Mt. Kemble's current tenants include the law firm Coughlin Duffy Kelly, The Willis Group, Liberty Mutual, Taisho Pharmaceutical and Massey Quick.
The new ownership plans to update building and bring it back to the marketplace as
“a high-quality, low-cost alternative” to the other Class A properties in the area.
The landscaping, walkway, parking lot and bathrooms are to be upgraded. The building facades are to get a power-washing.
The corporate center is set on 38 acres with a three-acre pond, about five minutes away from the Morristown Green and the township's revived downtown, Morris County Court House and the Morristown train station, as well as hotels and restaurants.
Routes 287, 24/78, 202 and other highways are easily accessible.
Onyx Equities, headquartered in Woodbridge, has acquired more than $1 billion worth of real estate assets across the tri-state region since it was founded in 2004.
Artemis Real Estate Partners, an investment management firm, works with niche local operating partners in various types of commercial real estate.
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