CRANFORD AND CLARK, NJ—Mack-Cali Realty Corp. has sold its Commerce Office Portfolio in Cranford and Clark, NJ for $87 million to Signature Acquisitions, which will locate its headquarters within the portfolio.
Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties worked with Jeremy Neuer of CBRE's East Brunswick office to represent Mack-Cali in the $87 million sale of the properties.
“The Portfolio offers a highly visible location with opportunity to increase net operating income through a strategic rebranding,” says Dunne.
The portfolio is approximately 75-percent leased and consists of eight office buildings totaling 822,730 square feet located at the four way interchanges of Exits 135 & 136 of the Garden State Parkway. The portfolio includes a wide range of building sizes and space configurations to accommodate various tenant and use requirements with an average tenant size of 7,000 square feet. Ear
The Commerce Office Portfolio is near many lifestyle amenities catering to the needs of the tenant's employees and visitors. Located less than two miles from downtown Cranford and 2.5± miles from downtown Westfield, the office buildings offers access to two train stations, restaurants, hotels, regional and national specialty shops, and residential developments.
CRANFORD AND CLARK, NJ—Mack-Cali Realty Corp. has sold its Commerce Office Portfolio in Cranford and Clark, NJ for $87 million to Signature Acquisitions, which will locate its headquarters within the portfolio.
Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties worked with Jeremy Neuer of CBRE's East Brunswick office to represent Mack-Cali in the $87 million sale of the properties.
“The Portfolio offers a highly visible location with opportunity to increase net operating income through a strategic rebranding,” says Dunne.
The portfolio is approximately 75-percent leased and consists of eight office buildings totaling 822,730 square feet located at the four way interchanges of Exits 135 & 136 of the Garden State Parkway. The portfolio includes a wide range of building sizes and space configurations to accommodate various tenant and use requirements with an average tenant size of 7,000 square feet. Ear
The Commerce Office Portfolio is near many lifestyle amenities catering to the needs of the tenant's employees and visitors. Located less than two miles from downtown Cranford and 2.5± miles from downtown Westfield, the office buildings offers access to two train stations, restaurants, hotels, regional and national specialty shops, and residential developments.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
