BRIDGEWATER, NJ—American Equity Partners is acquiring 440 Route 22 East, also known as One Grande Commons, from Mack-Cali Realty Corp. The Metropolitan Area Capital Markets Group of Cushman & Wakefield's East Rutherford office orchestrated the sale.

As part of a strategic realignment, Mack-Cali has been disposing of non-core real estate assets. This week, the Jersey City-based firm said in 2016 and the first two months of 2017, the firm sold 36 non-strategic and underperforming commercial office assets totaling approximately five million square feet, and a 220-unit multi-family community, realizing gross proceeds of approximately $745 million. Mack-Cali says fourth quarter 2016 and year-to-date 2017 office dispositions totaled $280 million.

“The purchaser recognized the opportunity to acquire a historically well-leased asset within an office market that has been particularly active as of recent, and plans to provide cosmetic and amenity improvements to further enhance its appeal,” says Gary Gabriel, who executed the sale with Cushman & Wakefield team members Andrew Merin, David Bernhaut, and Brian Whitmer, along with support from Andrew Schwartz and Frank DiTommaso. This is the third property the Cushman & Wakefield team closed with American Equity Partners this year.