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.

Representing the seller was an NKF capital markets team of Kevin Welsh, Brian Schulz and Chuck Kohaut. The NKF team collaborated with Mountain Development’s leasing agent, Geoff Schubert from CBRE.

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.”