SHORT HILLS, NJ—The Birch Group, a privately-held commercial real estate investor, owner and operator, recently revealed the $255-million acquisition of a prominent four-building portfolio in Short Hills, NJ. The off-market acquisition comes on the heels of the company's recent $77-million portfolio purchase in Morristown, and further cements its focus on acquiring prime value-add office assets across the suburbs of Northern NJ.
The 843,300-square-foot portfolio comprises four class A office buildings located at 51, 101, 103 and 150 JFK Parkway in the affluent Short Hills submarket, widely recognized as one of the most prestigious and iconic suburban office regions in New Jersey.
Cushman & Wakefield represented Mack-Cali Realty Corp., the seller in the transaction, and is also being retained by the Birch Group as the exclusive office leasing agent for the properties. According to a release from the seller, the transaction releases approximately $100 million of net proceeds, after retirement of financing and transaction costs, which is expected to be used to pay down the company's unsecured corporate debt during the second quarter of 2021.
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