Breaking will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WAYNE, NJ-Khubani Enterprises, a New Jersey-based private investment group headed by Victor M. Khubani, has acquired the 178,329-sf Mack-Cali Willowbrook Center here. The purchase price of just under $18.3 million factors out to $102 per sf.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.