Buildings in the Mack-Cali “Commerce Portfolio,” in Clark and Cranford, NJ
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.