Mack-Cali Sheds Large Business Park in NJ

Monmouth Shores Corporate Park in Wall Township, N.J., comprises five single-story flex assets and three office buildings housing the county's largest employer.
Monmouth Shores Corporate Park, Wall Township, N.J.

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