Mack-Cali Realty Sells Paramus Office Building
The sale included a one-story, free-standing building totaling 10,000 square feet, which has recently been leased in its entirety to a medical tenant.
PARAMUS, NJ— A joint venture of Onyx Equities, LLC and Garrison Investment Group has acquired 650 From Road here from Jersey City-based Mack-Cali Realty Corp.
No financial terms of the transaction for the 373,420-square-foot office building were disclosed. JLL, which marketed the property on behalf of Mack-Cali Realty Corp. announced the sale of the property that was built in 1978. Onyx Equities is based in Woodbridge, NJ, while Garrison Investment Group is headquartered in New York City.
The property is situated on 20 acres directly off of the Garden State Parkway approximately 12 miles from Manhattan. The office building has convenient access to Routes 17 and 4, as well as Interstate 80, and is positioned in a busy retail corridor near Paramus Park Mall, which is currently being upgraded.
650 From Road is also adjacent to the future development of the 362-bed, 910,000 square foot Valley Hospital.
The five-story office building offers tenants a full-service cafeteria, on-site day care and an atrium lobby. The sale included a one-story, free-standing building totaling 10,000 square feet, which has recently been leased in its entirety to a medical tenant. The site also has the potential to include future development, JLL reports.
The JLL Capital Markets team representing the seller included senior managing directors Jose Cruz, Kevin O’Hearn and Andrew Scandalios, senior directors Stephen Simonelli and Michael Oliver and director Mark Mahasky.
“We are excited to complete the transaction on behalf of Mack-Cali” Cruz states. “The property location, accessibility and tenant base made this a desirable asset for the investment community.”