Cedar Knolls office building sold, HFF says

A 120,000-square-foot office building in Cedar Knolls has been sold, according to Holliday Fenoglio Fowler L.P.

The real estate firm said in a news release that Highstone Equity Group, a private investor, bought the building at 240 Cedar Knolls Road from MB1 Capital Partners.

Financial terms of the deal were not disclosed.

An HFF investment advisory team of Stephen Simonelli, Jose Cruz, Kevin O’Hearn, Michael Oliver and Axel Anderson represented the seller and procured the buyer.

“There is still strong demand for well-located office buildings with upside,” Simonelli said in a prepared statement. “The property’s proximity to highways, as well as downtown Morristown, commanded significant interest from the investment community.”

The property was 78 percent leased at time of sale, HFF said.