ROSELAND, NJ—Vision Real Estate Partners has expanded its northern New Jersey office footprint with the $47.8 million acquisition from Mack-Cali Realty Corp. of a three-building, 610,000-square-foot portfolio on Eisenhower Parkway in Roseland. The price works out to $78 per square foot, with a seven-percent cap rate for next year, according to Real Capital Analytics, a proprietary research database.
Vision acquired the buildings at 101, 103 and 105 Eisenhower Parkway from Mack-Cali in a year-end trade with financing arranged by John Alascio and John Spreitzer from Cushman & Wakefield's Equity, Debt and Structured Finance team, and advice from Nicholas Karali of the firm's Metropolitan Area Capital Markets Group.
Two of the buildings (101 and 103) were built in 1980, and 105 Eisenhower Parkway was built in 2000. The properies were 64-percent occupied at the time of sale, Real Capital Analytics says.
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