CBRE announces $35M sale of two Class A buildings in Morristown

CBRE announced Thursday that it has represented Artemis Real Estate Partners and Onyx Equities in the sale of a two-building portfolio in Morristown for $35 million.

The CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer and Travis Langer represented the sellers and procured the buyer, The Birch Group, in the deal.

The two properties, 350 and 360 Mount Kemble Ave. are two Class A office buildings totaling 229,685 square feet. They are approximately 81 percent leased.

Anchored by Coughlin Duffy LLP and Avaya, Dunne said the property provides stable cash flow and recently has undergone lifestyle improvements.

“350 & 360 Mount Kemble Ave. provides stable cash flow with excellent upside in one of the New York region’s fastest growing urban/suburban markets. This coupled with a weighted average lease term of nearly seven years offers limited downside with exceptional opportunity for future leasing and rent growth,” Dunne said.