{"id":1004193524,"date":"2017-10-11T06:37:32","date_gmt":"2017-10-11T14:37:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004193524"},"modified":"2018-08-08T08:00:44","modified_gmt":"2018-08-08T16:00:44","slug":"mack-cali-sells-nj-flexindustrial-park-for-66m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/","title":{"rendered":"Mack-Cali Sells NJ Flex\/Industrial Park for $66M"},"content":{"rendered":"

By Corina Stef<\/p>\n

\"Totowa<\/a>

Totowa Commerce Center, Totowa N.J.<\/p><\/div>\n

In a deal brokered by Cushman & Wakefield, Mack-Cali Realty has sold Totowa Commerce Center, a 13-building flex\/industrial park in New Jersey\u2019s Passaic County. The buyer, Heritage Capital Group, paid $65.5 million for the campus as part of a 1031 exchange. The sale was funded by a $51.7 million, 10-year, fixed-rate acquisition loan financed by Natixis Real Estate Capital.\u00a0<\/p>\n

Totowa Commerce Center encompasses 508,028 square feet of space and includes a 5.8-acre vacant land parcel that allows for future development. Built in phases between the late 1980s and 1990s, the complex features 12 flex buildings and an office building, and it is 90 percent occupied by 48 different tenants. Amenities include high ceilings and oversized bays, drive-in and tailboard loading docks and advanced fiber optics.<\/p>\n

Versatile asset<\/h2>\n

The campus is located along Commerce Way in Totowa, N.J. and offers immediate access to Interstate 80 and routes 23 and 46 via the West Belt Parkway Turnpike. Nearby amenities include shopping, restaurants, hotels and on-site childcare. It is also 20 miles away from New York City.<\/p>\n

Cushman & Wakefield Metropolitan Area Capital Markets Group\u2019s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt represented both parties in the transaction. Executive Director John Alascio, Sridhar Vankayala and Andre Hass of Cushman & Wakefield\u2019s Equity, Debt and Structured Finance secured the financing on behalf of the borrower. \u00a0<\/p>\n

\u201cThe property is a highly functional, well-occupied, versatile flex\/industrial park with excellent access, which checked all the boxes for lenders<\/em>,\u201d Alascio said in a prepared statement.<\/p>\n

The\u00a0sale is part of Mack-Cali’s\u00a0non-core properties disposition<\/a>\u00a0plan.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Heritage Capital Group acquired the 13-building Totowa Commerce Center in Totowa, N.J., as part of a 1031 exchange. Natixis Real Estate Capital provided acquisition financing for the deal.<\/p>\n","protected":false},"author":241,"featured_media":1004193526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21748,21783,1600,21742,10],"tags":[32799,37942,33554,37941],"class_list":["post-1004193524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-heritage-capital-group-llc","tag-mack-cali-realty-corporation","tag-natixis-real-estate-capital"],"acf":[],"yoast_head":"\nMack-Cali Sells NJ Flex\/Industrial Park for $66M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mack-Cali Sells NJ Flex\/Industrial Park for $66M\" \/>\n<meta property=\"og:description\" content=\"Heritage Capital Group acquired the 13-building Totowa Commerce Center in Totowa, N.J., as part of a 1031 exchange. Natixis Real Estate Capital provided acquisition financing for the deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-11T14:37:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-08-08T16:00:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/12737.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/\",\"name\":\"Mack-Cali Sells NJ Flex\/Industrial Park for $66M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/12737.jpg\",\"datePublished\":\"2017-10-11T14:37:32+00:00\",\"dateModified\":\"2018-08-08T16:00:44+00:00\",\"author\":{\"@id\":\"\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/12737.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/12737.jpg\",\"width\":1000,\"height\":750,\"caption\":\"Totowa Commerce Center, Totowa N.J.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mack-Cali Sells NJ Flex\/Industrial Park for $66M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Mack-Cali Sells NJ Flex\/Industrial Park for $66M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/","og_locale":"en_US","og_type":"article","og_title":"Mack-Cali Sells NJ Flex\/Industrial Park for $66M","og_description":"Heritage Capital Group acquired the 13-building Totowa Commerce Center in Totowa, N.J., as part of a 1031 exchange. Natixis Real Estate Capital provided acquisition financing for the deal.","og_url":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-10-11T14:37:32+00:00","article_modified_time":"2018-08-08T16:00:44+00:00","og_image":[{"width":1000,"height":750,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/12737.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/","url":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/","name":"Mack-Cali Sells NJ Flex\/Industrial Park for $66M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/12737.jpg","datePublished":"2017-10-11T14:37:32+00:00","dateModified":"2018-08-08T16:00:44+00:00","author":{"@id":""},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/12737.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/12737.jpg","width":1000,"height":750,"caption":"Totowa Commerce Center, Totowa N.J."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Mack-Cali Sells NJ Flex\/Industrial Park for $66M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"","url":"https:\/\/www.commercialsearch.com\/news\/author\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/12737.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004193524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/241"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004193524"}],"version-history":[{"count":5,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004193524\/revisions"}],"predecessor-version":[{"id":1004193606,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004193524\/revisions\/1004193606"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004193526"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004193524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004193524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004193524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}