Edgewood Properties Acquires Office In Martinsville For $10.7M

The property involved in the transaction is Westgate, a vacant, 250,000-square-foot office building located at 477 Martinsville Road in Basking Ridge, N.J. It was sold for $10.7 million and was previously owned by American Real Estate Partners. The building, completed in 1991, sits on 34.6 acres and features a four-story structure with a two-wing layout. Amenities include private balconies, a cafeteria, fitness center, terrace, conference room space, and 116 parking spaces. Westgate is situated close to major transportation hubs like interstates 78 and 287, Route 22, and the Lyons N.J. Transit station.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $10,700,000.00
• Market: Martinsville
• Seller's Representatives: Kevin O’Hearn(JLL), Michael Oliver(JLL)
• Brokers: Jose Cruz(JLL), Sean Ryan(JLL), Steve Simonelli(JLL), Grace Braverman(JLL)
• Buyer: Edgewood Properties
• Square Footage: 250,000

Edgewood Properties purchased Westgate, with JLL Capital Markets facilitating the transaction between the buyer and seller, American Real Estate Partners. The property was previously owned by the same seller who acquired it for $64.4 million in 2010. The JLL Capital Markets team involved in the deal included Senior Managing Directors Jose Cruz, Kevin O’Hearn, and Sean Ryan, along with Managing Directors Steve Simonelli, Michael Oliver, and Vice President Grace Braverman. Westgate's location offers proximity to notable areas like Newark, N.J., and New York City, making it an attractive investment for the new owner, who is actively seeking tenants.