“CIG has traditionally focused on residential assets and has recently expanded its’ investment criteria to include office properties,” says Gershon Alexander, principal of PAG Investments. “This acquisition will mark a foray into the office sector.”

Positioned on 14.4 acres at the Mount Airy Road and Interstate 287 interchange, the properties have 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, JLL notes that 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.

“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.”

In February, PAG Investments announced the completion of the acquisition Woodbridge Crossing, a recently renovated 285,229-square-foot retail center in the central New Jersey community of Woodbridge, Middlesex County. The deal came to an official close in a $25.5-million buyout from Onyx Equities.

In December 2018, PAG Investments purchased Loyal Plaza, a 293,607-square-foot, value-add shopping center anchored by GIANT Food Stores and Kmart in Williamsport, PA.