{"id":1004166490,"date":"2017-02-10T04:02:33","date_gmt":"2017-02-10T12:02:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004166490"},"modified":"2022-12-08T18:25:42","modified_gmt":"2022-12-09T02:25:42","slug":"jersey-office-portfolio-commands-87m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jersey-office-portfolio-commands-87m\/","title":{"rendered":"Jersey Office Portfolio Commands $87M"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004166491\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/11-Commerce-Drive-in-Cranford-N.J..jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004166491\" data-attachment-id=\"1004166491\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jersey-office-portfolio-commands-87m\/11-commerce-drive-in-cranford-n-j\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/11-Commerce-Drive-in-Cranford-N.J..jpg\" data-orig-size=\"640,512\" data-comments-opened=\"0\" 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=\"11 Commerce Drive in Cranford, N.J.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;11 Commerce Drive in Cranford, N.J.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/11-Commerce-Drive-in-Cranford-N.J..jpg?w=640\" class=\"size-medium wp-image-1004166491\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/11-Commerce-Drive-in-Cranford-N.J..jpg\" alt=\"11 Commerce Drive in Cranford, N.J.\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/11-Commerce-Drive-in-Cranford-N.J..jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/11-Commerce-Drive-in-Cranford-N.J..jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004166491\" class=\"wp-caption-text\">11 Commerce Drive in Cranford, N.J.<\/p><\/div>\n<p><strong>Cranford, N.J.<\/strong>\u2014Signature Acquisitions has acquired a 822,730-square-foot commerce office portfolio encompassing\u00a0eight buildings located in Cranford and Clark, N.J. from Mack-Cali Realty Corp. The total cost was $87 million.<\/p>\n<p>The portfolio includes a wide range of building sizes and space configurations to accommodate various tenant and use requirements, with an average tenant size of 7,000 square feet.<\/p>\n<p>\u201cThe appeal was the diversity of space sizes and buildings. Some is pure office and some is flex,\u201d Jeffrey Dunne, CBRE\u2019s vice chairman, told <em>Commercial Property Executive<\/em>. \u201cFurther, there is good upside to grow NOI through increases in occupancy from its current 75 percent level.\u201d<\/p>\n<p>\u201cMack-Cali is selling a significant amount of suburban office, which is well documented in its public reporting to analysts and stockholders,\u201d Dunne said. \u201cThey are focused on growing ownership in more urban and train-centric locations like Metro Park, Jersey City, Hoboken, etc.\u201d<\/p>\n<p>Some recent properties on the market have included a <a href=\"https:\/\/www.commercialsearch.com\/news\/large-nj-office-portfolio-hits-the-market\/\" target=\"_blank\" rel=\"noopener\">26-building office\/flex portfolio<\/a> located in Moorestown and Burlington Townships; and a <a href=\"https:\/\/www.commercialsearch.com\/news\/hff-to-market-2-2-msf-office-portfolio-in-nj\/\" target=\"_blank\" rel=\"noopener\">nine-property portfolio<\/a> located throughout Bergen County.<\/p>\n<p>The office portfolio is immediately off four-way interchanges at exits 135 and 136 of the Garden State Parkway, and is located less than 2 miles from downtown Cranford and 2.5 miles from downtown Westfield. It also offers access to two train stations, restaurants, hotels, regional and national specialty shops, and numerous residential developments.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The properties had a 75 percent occupancy rate at the time of the transaction.<\/p>\n","protected":false},"author":451,"featured_media":1004166491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10,21747],"tags":[32789,33939,33554,33938],"class_list":["post-1004166490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-jeffrey-dunne","tag-mack-cali-realty-corporation","tag-signature-acquisitions"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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