CRANFORD, NJ-Mack-Cali Realty Corp., based here, has added yet another office building in its own back yard to its portfolio. In a transaction that increases its holdings within the Cranford Business Park to seven buildings totaling more than 612,500 sf, the REIT has agreed to pay $8.3 million for the three-story, 67,189-sf 14 Commerce Drive.

Seller Gweedore LLC, a private partnership made up of high net-worth investors, was represented in the transaction by Peter S. Nicoletti, managing director of the Capital Markets Group for the Garibaldi Group/Corfac International, based in Chatham, NJ. The final sale price factors out to just under $124 per sf.

“The acquisition of this property further adds to our holdings in this popular business park,” says Mitchell E. Hersh, Mack-Cali’s chief executive officer. “It also strengthens our overall position in our core Northeast markets.”

Mack-Cali’s latest asset is currently 100% leased to a total of 13 tenants. Key tenants in that mix are Fleet Insurance Services, Purepac Pharmaceuticals and General Electric.

“The sale of 14 Commerce Drive enabled the owner to capitalize on the strong tenancy and rent roll at the property, as well as the currently favorable real estate capital market conditions,” according to Nicoletti. “It also provided Mack-Cali with the ability to further enhance its strategic position within the Cranford office market. Both parties clearly benefited from the sale.”

The transaction also brings Garibaldi’s Capital Markets Group’s investment sales total past the $165 million mark for the past year, according to Nicoletti. Other recent notable deals include the $91 million sale of a 416,000-sf office tower on West 57th St. in New York to Townsend Capital, and the $16.5 million sale of a 150,000-sf office building located in downtown Chicago to RAK Partners and Lehman Brothers.

Mack-Cali, meanwhile, owns or has interests in 266 properties totaling 29.1 million sf, mostly office and office/flex buildings in the Northeast.

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