New Jersey

The facility, which is approximately 85% occupied, offers climate-controlled, non-climate, and parking units.

Mack-Cali calls the Bow Street proposal "grossly inadequate, illusory, unworkable," while Bow Street managing partner Akiva Katz says Mack-Cali is "clearly undervalued, but we don't think the undervaluation can be resolved in its current structure."

The firm is acquiring three buildings totaling 409,000 square feet, a redevelopment totaling 120,000 square foot and 72 acres for the development of 528,000 square feet.  

All of the food vendors being added at the District Kitchen food hall at Harborside in Jersey City are local companies with roots in the community, says Mack-Cali's Michael DeMarco.

One of Procida's earliest investors was Abdul Qayum, the grandfather of Omar Khan, left, who has just joined the Procida firm. The two are holding Qayum's original brochure, which Procida still keeps in his office.

The big retailer will add its high-tech delivery towers and grocery delivery service to nine more New Jersey stores, and grocery pickup at seven stores.

“We were a little bit ahead of the curve in terms of understanding where values are headed in this cold storage subsector,” says HFF's Greg Nalbandian.

“The opportunity to acquire 138-plus acres in West Orange is extremely rare,” says HFF's José Cruz.