GARIBALDI BROKERS OVERSEE SALE OF 52,068 SF IN BASKING RIDGE, NJ
Basking Ridge, NJ- August 7, 2014 – New Jersey Based real estate firm, The Garibaldi Group LLC, has completed a 52,068 square foot building sale at 170 Mount Airy Road in Basking Ridge, NJ. Peter Blanchard, Principal, and Lee Barnes, Vice President, represented both the seller, Hooper Holmes, Inc., as well as the buyer, McElroy, Deutsch, Mulvaney & Carpenter (MDM&C). Hired by Hooper Holmes in October of 2013, The Garibaldi Group was given the task of disposing of the building, which was constructed in 1970 on 8.39 acres.
The building offered a unique opportunity to be a fee simple owner in the highly desirable area of Somerset County, with immediate accessibility to the Mt. Airy Road/Interstate 287 four-way interchange and also close proximity to other vehicular arteries such as Routes 78, 202 and 206. MDM&C, which has been recognized as New Jersey’s largest law firm, and headquartered within five (5) miles of the property, was able to capitalize on this opportunity as it plans to use the building for archival storage, thus reducing the need to outsource to a third party provider, which will ultimately have a significant impact on its bottom line.
After several months of marketing this asset to both the user and investment community, The Garibaldi Group team was able to identify an experienced and knowledgeable buyer. Hooper Holmes was very active in the process and aided greatly in the closing of this transaction in a smooth and seamless manner. The Garibaldi Group will be retained by MDM&C as its exclusive representative moving forward, as there will be approximately 20,000 square feet available at the site for lease, in three building pods of approximately 5,000 square feet each.
See post in Globest.com.