ROCHELLE PARK, NJ-In the highly active buy-and-sell commercial real estate market that is New Jersey, yet another significant office-building deal has been concluded between two of the market’s major players. In this case, the market’s biggest player, the Cranford-based Mack-Cali Realty Corp., has acquired 395 W. Passaic St. here from the Edison-based M. Alfieri Co. The 101,589-sf class A building traded for $21 million, which factors out to nearly $209 per sf.

“This asset fits very well strategically with our regional portfolio,” says Mitchell E. Hersh, Mack-Cali’s president and CEO. “It allows us to strengthen our concentration in Bergen County.”

The newly acquired asset is situated next to the REIT’s Mack-Cali IV office building. Mack-Cali also owns several other properties nearby.

“The sale of 395 W. Passaic St. allows us to concentrate on our core markets in Morris and Middlesex counties,” says Michael Alfieri, president of M. Alfieri Co., whose company originally designed and built the just-sold asset. Much of his company’s remaining holdings, in fact, are in Middlesex County in Central New Jersey, specifically in and around the Metropark submarket.

At the time of the sale, 395 W. Passaic St. was a shade over 90% leased to five tenants. Heading that list as major tenants are Kajima Real Estate Development Inc., Lincoln National Life Insurance Co. and Daiichi Pharmaceuticals Inc. The location is near Garden State Plaza, an enclosed regional shopping mall.

Mack-Cali’s holdings, including those acquired earlier this year from the Gale Co., now encompass full ownership or interests in some 320 properties, primarily office and office/flex buildings in the Northeast. Those holdings add up to nearly 36 million sf.

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