JLL announced Thursday it has arranged acquisition financing for two office buildings and an ancillary structure in Basking Ridge.
The buildings, located at 180-188 Mount Airy Road, are situated on 14.4 acres and total 104,202 square feet.
JLL Capital Markets team led by Michael Klein, managing director, represented the borrower, PAG Investments and CIG Properties, to secure a seven-year, fixed-rate acquisition loan through TD Bank.
180-188 Mount Airy Road is comprised of two, two-story buildings catering to companies seeking 1,000 to 10,000 square feet of space and total 100,972 square feet as well as a historic farmhouse consisting of 3,230 square feet.
The property, located within close access to Interstate 287 and Routes 202/206, is 98% leased to a variety of tenants in the law, financial services, education and medicine industries.
“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.”
“CIG has traditionally focused on residential assets and has recently expanded its’ investment criteria to include office properties,” Gershon Alexander, principal of PAG Investments, said. “This acquisition will mark a foray into the office sector.”
