Mack-Cali Closes Acquisition of 101 Wood Avenue South in Iselin, NJ

101 Wood Avenue South, Iselin, NJ

ISELIN, NJ—Mack-Cali Realty Corporation completed the previously announced $82.3 million acquisition of Metro 101 , located at 101 Wood Avenue South in Iselin. As previously reported by GlobeSt.com, the transaction is part of Mack-Cali’s strategic realignment, focusing on core markets while shedding underperforming assets. Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranged Mack-Cali’s acquisition of the 263,000-square-foot, class A office tower from Spear Street Capital. “This was an off-market sale,” Andrew Merin , vice chairman, Cushman & Wakefield’s Metropolitan Area Capital Markets Group, tells GlobeSt.com exclusively. “ It fits in with Mack-Cali’s stated strategy to invest in certain core markets such as the JC Waterfront, MetroPark and Parsippany while disposing of assets in secondary markets.” Metro 101 was developed in 1990 for Engelhard Corporation . Spear Street Capital purchased the property in 2008 and orchestrated an extensive renovation that positioned the 10-story building for multi-tenant occupancy. Now 95 percent occupied, Metro 101 offers above-standard amenities, including food service and covered parking, and is located adjacent to the Hilton-Woodbridge . According to Merin , who led the transaction with team members David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt , 101 Wood Avenue South’s MetroPark location enhances its appeal for tenants and investors alike. The property is located directly off Exit 131 of the Garden State Parkway, just north of its intersection with the New Jersey Turnpike, within walking distance of NJ Transit’s Metropark train station. “ MetroPark continues to be one of the most desirable locations in the State of New Jersey,” Merin says. “Businesses appreciate being on a main commuter line into and out of New York City, and on Amtrak’s Northeast Corridor. Investors continue to pursue best in class buildings in the most competitive markets, and the significant interest we saw for this offering attests to MetroPark’s strength in that regard.” Cushman & Wakefield has done several other deals in the MetroPark submarket. Past transactions include the sale of 99 Wood Avenue South (twice), 101 Wood Avenue South’s earlier sale to Spear Street Capital and, more recently, the 2015 sale of Metroview , a 196,000-square-foot office tower on Thornall Street in Edison, to Mack-Cali .