3/19/2008

Cushman & Wakefield negotiates sale of New Jersey's 465 South Street

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465 South Street

Hartford, Conn.-based Cornerstone Real Estate Advisors, LLC has sold a 139,000 square foot office building in Morristown, N.J., to Southgate Center Four Associates, LLC. The acquisition was financed with a $17 million loan through Wrightwood Capital.

Jose Cruz, Andrew Merin, David Bernhaut and Gary Gabriel of Cushman & Wakefield's Metropolitan Area Capital Markets Group brokered the deal on behalf of Cornerstone, a subsidiary of Massachusetts Mutual Life Insurance Co.

The three-story building is located at 465 South St., about 23 miles west of Newark in Morristown, and is 64 percent leased to seven office tenants. Built in 1989, it is situated on 9.7 acres within the Southgate Corporate Center and received extensive capital improvements in 2005. The building last traded in October 1999 for $20.85 million and has an appraised value of $20.83 million, according to Morris County tax records.

The Metropolitan Area Capital Markets Group recently brokered the sale of a 203,000 square foot industrial building in Monroe Township and represented Falcon Real Estate in the $48.5 million sale of the Gateway Corporate Center to Cornerstone Real Estate.

Address: 465 South St., Morristown, N.J.

Size: 139,000 square feet

Built: 1989

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Filed Under: Office

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