Jersey Office Portfolio Commands $87M
- Feb 10, 2017
Cranford, N.J.—Signature Acquisitions has acquired a 822,730-square-foot commerce office portfolio encompassing eight buildings located in Cranford and Clark, N.J. from Mack-Cali Realty Corp. The total cost was $87 million.
The portfolio includes a wide range of building sizes and space configurations to accommodate various tenant and use requirements, with an average tenant size of 7,000 square feet.
“The appeal was the diversity of space sizes and buildings. Some is pure office and some is flex,” Jeffrey Dunne, CBRE’s vice chairman, told Commercial Property Executive. “Further, there is good upside to grow NOI through increases in occupancy from its current 75 percent level.”
“Mack-Cali is selling a significant amount of suburban office, which is well documented in its public reporting to analysts and stockholders,” Dunne said. “They are focused on growing ownership in more urban and train-centric locations like Metro Park, Jersey City, Hoboken, etc.”
The office portfolio is immediately off four-way interchanges at exits 135 and 136 of the Garden State Parkway, and is located less than 2 miles from downtown Cranford and 2.5 miles from downtown Westfield. It also offers access to two train stations, restaurants, hotels, regional and national specialty shops, and numerous residential developments.
Image courtesy of Yardi Matrix