Mack-Cali Realty Corporation announced this week that is had sold 55 Corporate Drive in Bridgewater, New Jersey in an all cash deal for $72.3 million. The four-story, 205,439-square-foot class A property was sold to a subsidiary of Cole Corporate Income Trust, Inc., an entity managed by Cole Real Estate Investments. Adam Spies, Kevin Donner and Neill Wessell with Eastdil Secured in New York represented the seller.
Mack-Cali developed the building in 2011 as a build-to-suit for Sanofi-Aventis. Building IV sits on 154 acres in the Route 78 East submarket of Somerset County, and is fully occupied by the diversified global healthcare leader.
"What appealed to us is a combination of investment-rate credit, it's a long-term lease (still 13 years), a strategically important asset—part of their U.S. headquarters, and it's a good-quality location," Robert Micera, Cole's chief investment officer for office and industrial, told Commercial Property Executive. "It's in good proximity to the major highways in New Jersey and in good proximity to New York. All of these things combined make this fit right in with our parameters of seeking long-term lease transactions that have great creditworthy tenants and good rent growth."
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "The sale of this property continues our strategy of monetizing non-core assets." Mack-Cali Realty owns or has interests in 278 assets, including 269 office and office/flex properties totaling 31.1 million square feet and nine multi-family rental properties containing more than 3,300 residential units, all located in the Northeast.
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