Mountain Development Corporation has sold Spring Street Innovation Center in New Providence, NJ for $23 million to Shelbourne Global Solutions. The property is a 171,216-square-foot, single-story building with research and development, technology and office space.
Located at 41 Spring St. in New Providence, the property—which is located in an established STEM micromarket—recently underwent more than $3.5 million in capital improvements.
“Mountain Development created substantial value at Spring Street Innovation Center, completing more than 55,000 square feet of new leases during their 18-month hold period,” said Schulz. “Shelbourne is well positioned to realize additional upside, benefitting from ongoing leasing activity to stabilize the asset fully.”