Spring Street Innovation Center sells for 23M

Jessica Perry//December 4, 2018//

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Shelbourne Global Solutions has purchased the Spring Street Innovation Center in New Providence from Mountain Development Corp. for $23 million, Newmark Knight Frank announced.

NKF Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Associate Chuck Kohaut of the commercial real estate advisory firm’s Tri-State Capital Markets team in Rutherford represented Woodland Park-based Mountain Development and procured the buyer in the sale for the 171,216-square-foot property at 41 Spring St.

CBRE’s Geoff Schubert, Mountain Development’s leasing agent, also worked with the NKF team.

According to NKF, the single-story building recently underwent $3.5 million in upgrades and features research and development, technology and office space.

Mountain completed more than 55,000 square feet of leases at the property prior to its sale, Schultz said.

Real estate company Shelbourne Global Solutions is based in New York City.