TIRANA (Albania), March 4 (SeeNews) - Albanian diversified group Balfin and New York-based real estate firm Crown Acquisitions have acquired 340 Mount Kemble, a premier office property in Morristown, New Jersey, Balfin president Samir Mane said.
The acquisition marks BalfinAmericas' largest investment in the U.S. to date, reinforcing its strategy to expand into high-value commercial real estate, Mane said in a LinkedIn post last week. The financial details of the transaction were not disclosed.
340 Mount Kemble spans 161,000 square metres, has three floors and serves mostly as office space, according to its website. It was built in 1982 and completely renovated in 2017. The property is over 94% occupied.
Crown Acquisitions is a privately held real estate investment firm specializing in high-profile retail and office assets, particularly in major metropolitan areas.
Balfin Group, established in 1993, engages in retail, and real estate and construction. In June 2023, Samir Mane told local media the group operated in nine countries: Albania, Macedonia, Kosovo, Croatia, Montenegro, Bosnia and Herzegovina, Austria, Netherlands, and Switzerland, with the United States becoming its tenth country. The group’s activities in the U.S. would focus on real estate, Mane added.
In August of last year, Balfin unveiled five real estate projects in Austria with a total investment value of 68 million euro ($71.5 million).
($ = 0.950 euro)