Signature Place, a Class A multifamily property in Morris Plains, sold for $85 million with CBRE handling the sale. Located at 250 Johnson Road, the community boasts 197 residences averaging more than 1,000 square feet per unit.
CBRE’s Institutional Properties team of Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, and Travis Langer partnered with Roland Merchant and Tom Pryor from CBRE Investment Banking. Both groups worked on behalf of the owner, Veris Residential.
“We are pleased to have advised Veris Residential on the disposition of this exceptional asset,” noted CBRE’s Dunne. “Signature Place benefits from its location in affluent Morris County, only a few minutes from downtown Morristown, which bodes well for the purchaser’s investment.”
Completed in 2018, the property offers residents luxury finishes and an impressive list of amenities. Those include a swimming pool, golf simulator, yoga studio, fitness center, movie theater, pet spa, conference spaces, plus a luxurious clubroom.
Signature Place is minutes away from local shopping and restaurants in Morris Plains, plus a short drive to downtown Morristown with many retail, entertainment and dining options.
CBRE has recently been part of a major office deal in Jersey City and two significant shopping center transactions, one in Hazlet and the other in Newark.
