Joint Venture of Onyx Equities and Artemis Real Estate Partners Acquires Mount Kemble Corporate Center in Morristown, N.J.
New Ownership Plans to Create Value Through Recapitalization and Repositioning of Complex
MORRISTOWN, N.J. (Oct. 09, 2013) — A joint venture of Onyx Equities, LLC and Artemis Real Estate Partners today announced the acquisition of Mount Kemble Corporate Center, a 229,500-square-foot, Class A office complex in Morristown, N.J.
Built in 2001, Mount Kemble Corporate Center is among the most modern office buildings in the market. The complex, which is currently 64-percent occupied, is home to respected companies such as Coughlin Duffy Kelly, The Willis Group, Liberty Mutual, Taisho Pharmaceutical and Massey Quick.
The new ownership plans to reposition the complex and reintroduce it to the marketplace as a high-quality, low-cost alternative to the other Class A properties in the Morristown submarket. Capital improvements will include the upgrades to the complex’s landscaping, concrete walkway, parking lot and bathrooms, and a power washing of the buildings’ facades. The complex currently features a full-service cafeteria and 24/7 key card access.
“We view this as a strategic opportunity to acquire a quality asset at a steep discount to historical values and create substantial value through the recapitalization, repositioning and lease-up of the property,” Onyx Equities Senior Vice President of Investments Stephen Sullivan said. “By reintroducing the property with stable, well-capitalized ownership and rental rates that are below the competitive set in the submarket, we expect to lease up the complex in a short period of time. Mount Kemble has a distinct competitive advantage over much of Morristown’s office stock, which was developed in the 1970s and 1980s, making it functionally obsolete.”
Situated on 38 acres, inclusive of a three-acre pond, Mount Kemble Corporate Center is located within five minutes of Morristown Green, Morris County Court House and the Morristown train station, as well as numerous hotels and restaurants. The complex’s location provides tenants with easy access to routes 287, 24/78, 202 and other major New Jersey highways.
About Onyx Equities, LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading private real estate investment, management and development firm. Since its founding in 2004, Onyx has acquired more than $1 billion worth of real estate assets across the tri-state region. The company currently owns, manages or is the appointed receiver for 18 million square feet of office, retail, industrial, and self-storage properties located in New Jersey, New York, Connecticut and Pennsylvania. For more information on Onyx Equities, contact the firm at 732-362-8800, or visit www.onyxequities.com.
About Artemis Real Estate Partners
Artemis Real Estate Partners is a real estate investment management firm that seeks to invest with niche local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised $736 million of investor capital across two vehicles: $436 million of capital for Artemis Fund I and $300 million of capital in a separate account with The New York State Common Retirement Fund. Artemis’s sole focus is U.S. commercial real estate. More information about Artemis may be found at www.artemisrep.com.