{"id":1004148898,"date":"2016-08-03T17:24:44","date_gmt":"2016-08-04T01:24:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004148898"},"modified":"2020-05-13T23:48:40","modified_gmt":"2020-05-14T07:48:40","slug":"mack-cali-sheds-nj-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sheds-nj-office-asset\/","title":{"rendered":"Mack-Cali Sheds NJ Office Asset"},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<div id=\"attachment_1004148899\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/6994.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004148899\" data-attachment-id=\"1004148899\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sheds-nj-office-asset\/attachment\/6994\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/6994.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"6994\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/6994.jpg?w=640\" class=\"wp-image-1004148899 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/6994.jpg\" alt=\"600 Parsippany Road, Parsippany, N.J.\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/6994.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/6994.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004148899\" class=\"wp-caption-text\">600 Parsippany Road, Parsippany, N.J.<\/p><\/div>\n<p><strong>New York<\/strong>\u2014<a href=\"https:\/\/www.hfflp.com\/\" rel=\"nofollow\" target=\"_blank\">HFF<\/a> recently closed the sale of an approximately 100,000-square-foot office asset in Parsippany, N.J. An HFF investment sales team led by Senior Managing Director Jose Cruz, Managing Director Kevin O\u2019Hearn, Directors Michael Olive and Stephen Simonelli and Associate Director Marc Duval represented seller <a href=\"https:\/\/www.mack-cali.com\/\" rel=\"nofollow\" target=\"_blank\">Mack-Cali Realty Corp.<\/a> in the transaction. A joint venture between <a href=\"https:\/\/www.bukietbuilding.com\/\" rel=\"nofollow\" target=\"_blank\">Bukiet Building Management<\/a> and <a href=\"https:\/\/www.mountaindevelopment.com\/\" rel=\"nofollow\" target=\"_blank\">Mountain Development Corp.<\/a> acquired the building free and clear of existing debt.<\/p>\n<p>Financial details of the deal have not been disclosed. According to data from <a href=\"https:\/\/www.yardimatrix.com\/\" rel=\"nofollow\" target=\"_blank\">Yardi Matrix<\/a>, the three-story office building at 600 Parsippany Road last traded back in 1995 for $6.9 million.<\/p>\n<p>\u201c600 Parsippany Road is a quality asset located within the prime Morris County office market,\u201d said Cruz in a statement. \u201cThe property provides the new owners with stable cash flow given its current occupancy and the potential upside given leasing the remaining space at higher rents.\u201d<\/p>\n<p>Located just off exit 40 of I-287 at the four-way interchange with Parsippany Road, the property was 92 percent leased at the time of sale to tenants such as Aerotek, Sonneborn, Dewberry and Proeprty Title Group LLC. The building features a newly renovated lobby, 350 parking spaces and a full-service caf\u00e9 on the top floor.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HFF worked on behalf of Mack-Cali for the sale of a Parsippany, N.J., office building.<\/p>\n","protected":false},"author":192,"featured_media":1004148899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1600,21742,10,21747],"tags":[],"class_list":["post-1004148898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mack-Cali Sheds NJ Office Asset - 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