Mack-Cali Sheds NJ Office Asset
- Aug 04, 2016
By Ioana Neamt
New York—HFF recently closed the sale of an approximately 100,000-square-foot office asset in Parsippany, N.J. An HFF investment sales team led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, Directors Michael Olive and Stephen Simonelli and Associate Director Marc Duval represented seller Mack-Cali Realty Corp. in the transaction. A joint venture between Bukiet Building Management and Mountain Development Corp. acquired the building free and clear of existing debt.
Financial details of the deal have not been disclosed. According to data from Yardi Matrix, the three-story office building at 600 Parsippany Road last traded back in 1995 for $6.9 million.
“600 Parsippany Road is a quality asset located within the prime Morris County office market,” said Cruz in a statement. “The property provides the new owners with stable cash flow given its current occupancy and the potential upside given leasing the remaining space at higher rents.”
Located just off exit 40 of I-287 at the four-way interchange with Parsippany Road, the property was 92 percent leased at the time of sale to tenants such as Aerotek, Sonneborn, Dewberry and Proeprty Title Group LLC. The building features a newly renovated lobby, 350 parking spaces and a full-service café on the top floor.
Image courtesy of Yardi Matrix