CLIFTON, NJ-Mack-Cali Realty Corp. has sold its 777 Passaic Ave. property here to a joint venture of Gottesman Real Estate Partners and Mountain Development Corp. for $5.8 million.
The five-story office building is approximately 65% occupied, according to Mack-Cali, an Edison, NJ-based REIT. Mountain Development, which is based in Woodland Park, NJ, has been appointed to serve as managing and leasing agent for the property. Gottesman Real Estate Partners is based in Livingston, NJ.
"This sale will allow us to redeploy the proceeds into more strategic growth opportunities," Mack-Cali President and CEO Mitchell Hersh said in a statement. See story in The Record.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
