HFF Six-Property NJ Office Portfolio Northern New Jersey
Size: 1.1 million SF Brokers: Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Marc Duval, Mike Tepedino and Andrew Scandalios HFF closed the $368M sale of a six-property, Class A office portfolio on behalf of the seller, RXR Realty. Mack-Cali Realty Corporation purchased the portfolio, which was one of the largest office portfolio’s to ever trade in the state. The 91% leased portfolio comprises 51, 101 and 103 JFK Parkway in Short Hills and 1, 3 and 7 Giralda Farms in Madison. Notable tenants include KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential. All of the properties are located in the high growth Route 24 Corridor, which is close to the affluent residential communities of Millburn, Summit, Livingston, Chatham and Florham Park.
Colliers International 11, 13, 15 Reads Way New Castle, DE
Size: 124,000 SF Brokers: Carl Neilson, Rick Kingery Carl L. Neilson and Richard C. Kingery of Colliers International sold 11, 13, and 15 Reads Way located in New Castle, Delaware. The property is a 124,311-square-foot, 3-building office campus leased to a creditworthy health system, technology and financial services tenants. Colliers was the sole broker involved in the transaction and represented the seller, LNR Partners, LLC. The purchaser was 11 Reads Way LLC, an affiliate of Emory Hill Management Company. The tenants include Christiana Health Care, BAYADA Health, NAES Corp, and Modern Water.
Prism Capital Partners Broadacres Office Park Bloomfield, NJ
Size: 380,000 SF Brokers: Cushman & Wakefield - Andrew Merin, David Bernhaut, Gary Gabriel, and Brian Whitmer Prism Capital Partners and an institutional partner sold the landmark BroadAcres Office Park in Bloomfield to P3RE. The four-building, 20-acre property is located along the Garden State Parkway in Essex County. This transaction illustrates the liquidity for suburban office space in northern New Jersey, particularly for established properties with solid leasing histories and strong upside potential. Prism, which is headquartered onsite at 200 Broadacres Drive, will continue as BroadAcre Office Parks’ exclusive leasing and onsite managing agent on behalf of P3RE. The new ownership’s immediate plans include a major capital improvement program, which Prism Construction Services is overseeing.