"The sale of this asset allows us to redeploy the proceeds into more strategic acquisitions of higher-quality class A properties in submarkets where we have greater depth," says Mitchell E. Hersh, president and chief executive officer of the Cranford, NJ-based REIT. The building was the company's sole property in the Wayne, NJ-area market. The buyer was represented in the transaction by Charles Laginestra of CB Richard Ellis.
To facilitate the transaction, Mack-Cali also provided a $12 million, 5.74% purchase money mortgage. The funding carries an initial term of five years. Located at 201 Willowbrook Blvd. adjacent to the Willowbrook Mall, the nine-story building has 20,000-sf floorplates and is currently 56% leased, according to Hersh. An on-site childcare center was opened at the property last year, and its lobby and common areas were recently upgraded.
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