Mack-Cali Sells New Jersey Office Building for $72.3M

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.

For more news and information visit Blumberg Capital Partners.

Cole Acquires 8 Sylvan Way for $53M

Cole Real Estate Investments (Cole), on behalf of its HPFVI fund, announced this month that it had acquired 8 Sylvan Way, a 176,000 square-foot office property in Parsippany, NJ, for $53 million in an all-cash deal. The Hampshire Companies sold the property in a deal brokered by CBRE. The Hampshire Companies redeveloped the property in 2009, including a new design by the architectural firm HLW, and repositioned the property as one of Morris County's leading "trophy quality" office buildings according to an article from The Paramus Post.

"With the location of the property, long remaining lease term, scheduled rent increases and desirable corporate headquarters, this acquisition corresponds with our overall conservative, disciplined investment strategy," said Robert Micera, chief investment officer, office and industrial, for Cole. "The Morris County, New Jersey, office submarket boasts great fundamentals, considering its strong economic base and educated workforce, and we are pleased to add The Medicines Company headquarters to our growing portfolio of corporate real estate."

The property serves as The Medicines Company's global headquarters with approximately 12 years remaining on the current lease term, with two five-year renewal options. The Medicines Company is a global pharmaceutical company focused on advancing the treatment of critical care patients in a hospital setting.

For more news and information visit Blumberg Capital Partners.