Mack-Cali Realty is paying now-former owner Allan V. Rose, a principal of AVR Realty, a total of $7.37 million for the office building. That sale price factors out to just under $109 per sf. AVR Realty itself is one of the occupants of 25 Commerce Drive.
"The acquisition of this property further adds to our holdings in this business park and strengthens our overall position in our core Northeast markets," according to Mitchell E. Hersh, chief executive officer of Mack-Cali. His company now owns a half-dozen buildings totaling more than 545,000 sf in Cranford Business Park, whose 22 buildings total approximately 1.5 million sf of office space. The park is located just off the Garden State Parkway in this Union County community in Central New Jersey.
The newly acquired property is currently 84% leased, according to Hersh. Besides AVR Realty, its tenant roster includes Paragon Solutions, Wells Fargo Home Mortgage, Wackenhut Corp., G.V. Financial Services, Arnhem Inc., Curran Kauffman Mortgage Associates, Source One Mortgage Services and Sefco Export/All Shore Forwarders.
The acquisition increases Mack-Cali's overall portfolio of owned and co-owned properties to 259, most of them office and office/flex buildings. The majority of its holdings, which top the 27.4 million-sf mark combined, are located in the Northeast, with the company having sold off most of its properties outside of the region over the past two years. Its total tenant roster portfolio-wide is approximately 2,000.
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