Mack-Cali Sheds Large Business Park in NJ
- Apr 10, 2018
BHN Associates has acquired Monmouth Shores Corporate Park in Wall Township, N.J., one of the largest business parks in the region. Mack-Cali Realty disposed of the eight-building New Jersey office/flex campus, which is 88 percent occupied by 24 tenants, including Hackensack Meridian (Monmouth County’s largest employer), Waterford Wedgwood and MetLife.
The 400,000-square-foot park sits along Campus Parkway, Wyckoff Road and Highway 34, close to major roads such as Route 33 and Harden State Parkway. Nearby amenities include a Marriot hotel, retailers, eateries, a retirement community and parks. The campus includes five single-story flex assets and three office buildings sized between 20,000 and 80,000 square feet. The flex facilities feature 22-foot clear heights and drive-in doors with loading docks.
A Cushman & Wakefield team comprising Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso represented the seller in the transaction.
“Mack-Cali has done an exceptional job with the park, maintaining a high historical occupancy rate and catering to a diverse base of regional and national credits,” Gabriel said in a prepared statement. “Most notably, the park serves as home to Monmouth County’s largest employer, who has maintained a presence there for over 15 years and continues to expand,” DiTommaso said in prepared remarks.
According to Yardi Matrix data, the park previously traded in 1995, when Mack-Cali acquired it from New Jersey Resources for $46.2 million.
The sale comes on the heels of several months of dispositions for Mack-Cali. The firm enlisted HFF early last year to sell a 2.2 million-square-foot New Jersey office portfolio.
Image courtesy of Mack-Cali Realty