UPPER SADDLE RIVER, NJ—New York real estate developer Moshe Gold, on behalf of a private investment group, has acquired 10 Mountainview Road, a 207,730-square-foot office building, from Mack-Cali Realty Corp. for $19.7 million.
CBRE’s Jeffrey Dunne, Kevin Welsh and Brian Schulz worked with Jeffrey Babikian of CBRE’s Saddle Brook office to represent Mack-Cali and identify the buyer.
10 Mountainview is currently 67-percent leased. More than 87 percent of the occupied space is serving as a corporate headquarters location.
The tenant roster includes Sherwin Williams and Stryker.
The property has divisible floor plates with two distinct atriums and proximity to a concentration of corporate decision makers in the Northern Bergen County Market. Located just 0.1± miles from Route 17, 10 Mountainview is less than five miles from many of the state’s largest thoroughfares including the Garden State Parkway, Route 202, I-287 and the NY Thruway.
“The property’s market position, location and occupancy were attractive to the purchaser,” says Welsh. “Ownership plans to execute a value-add strategy that includes the implementation of new capital improvements and rebranding while substantially growing net operating income. Ownership is well positioned to realize a successful long-term investment.”