"This asset fits very well strategically with our regionalportfolio," says Mitchell E. Hersh, Mack-Cali's president and CEO."It allows us to strengthen our concentration in BergenCounty."
The newly acquired asset is situated next to the REIT'sMack-Cali IV office building. Mack-Cali also owns several otherproperties nearby.
"The sale of 395 W. Passaic St. allows us to concentrate on ourcore markets in Morris and Middlesex counties," says MichaelAlfieri, president of M. Alfieri Co., whose company originallydesigned and built the just-sold asset. Much of his company'sremaining holdings, in fact, are in Middlesex County in Central NewJersey, specifically in and around the Metropark submarket.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
