120 Mountain View Corporate Center
120 Mountainview Blvd, Basking Ridge, NJ 07920
KBS REIT II purchased this Class A Office building with 96% occupancy at acquisition. The property was quickly leased up to 100% occupancy, where it stood at the time of disposition. Two tenants occupying 80% of the building were renewed during KBS REIT II’s ownership.
During KBS REIT II’s ownership significant improvements were made to enhance the aesthetics of the property. KBS REIT II resurfaced and striped the entire parking lot, installed upscale lobby furniture, built out new Café entrance, which included glass herculite doors and granite entrance flooring and replaced corridor carpet and wallpaper throughout the building.
Investment at a Glance
Location: Basking Ridge, NJ
Property Type: Class A Office
Acquisition Date: July 30, 2008
Purchase Price: $30,000,000
Sale Date: May 15, 2014
Sale Price: $27,000,000
No. of Buildings: 1
Square Footage: 134,980
Leased Percentage (at the time of Acquisition): 96%