Adoni Property Group buys 34-acre Basking Ridge office property (updated)

Situated on 34 acres with immediate access to Interstate 287, a Basking Ridge office property was recently acquired by Adoni Property Group in a sale arranged by Cushman & Wakefield.

With 216,573 square feet, 131 Morristown Road offers two office buildings connected by a skybridge walkway that traverses a manicured central courtyard. The building also offers frontage long Route 202.

Cushman & Wakefield announced the sale March 6. Executive Vice Chairs David Bernhaut and Gary Gabriel, Executive Managing Director Kyle Schmidt, Executive Director Frank DiTommaso, Managing Director Andy Schwartz, Director Jordan Sobel, Senior Associate Andre Balthazard and Appraiser Bill Baunach represented the unnamed seller and procured the buyer, Westfield-based Adoni.

Partner Brad Domenico and Vice President Frank Stalinslaski of Progress Capital arranged a $5.2 million acquisition loan for the property, according to that firm.

“This was a unique opportunity to acquire an expansive 34-acre site with exceptional access on and off I-287 in one of Northern New Jersey’s most affluent areas,” DiTommaso said in a statement.

Located 6 miles from downtown Morristown, the property’s amenities include a cafeteria and fitness center.

“The property provides optionality for new ownership to implement a value-add leasing strategy while also pursuing alternative options for the site in the future,” Sobel said.

Cushman & Wakefield also announced a team of Managing Director William O’Keefe and Executive Managing Director Charles Parmelli will serve as exclusive leasing agents for the property.

“We’re excited to be working with new ownership to lease the remaining vacancies through the implementation of an amenity-based rebranding and repositioning strategy,” O’Keefe said.

The property was 30% leased at the time of sale, according to Cushman & Wakefield.

Editor’s note: This post was updated at 4:27 p.m. ET on March 6, 2023, to include details about acquisition financing.

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