{"id":1004218302,"date":"2018-04-10T09:28:43","date_gmt":"2018-04-10T17:28:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004218302"},"modified":"2018-04-10T09:28:43","modified_gmt":"2018-04-10T17:28:43","slug":"mack-cali-sheds-large-business-park-in-nj","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sheds-large-business-park-in-nj\/","title":{"rendered":"Mack-Cali Sheds Large Business Park in NJ"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004218323\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Monmouth-Shores-Exterior2.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004218323\" data-attachment-id=\"1004218323\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sheds-large-business-park-in-nj\/monmouth-shores-exterior2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Monmouth-Shores-Exterior2.jpg\" data-orig-size=\"975,731\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1493688205&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;16&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.004&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Monmouth Shores Corporate Park, Wall Township, N.J.\" data-image-description=\"&lt;p&gt;Monmouth Shores Corporate Park, Wall Township, N.J. &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Monmouth Shores Corporate Park, Wall Township, N.J. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Monmouth-Shores-Exterior2.jpg?w=975\" class=\"wp-image-1004218323 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Monmouth-Shores-Exterior2.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Monmouth-Shores-Exterior2.jpg 975w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Monmouth-Shores-Exterior2.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Monmouth-Shores-Exterior2.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004218323\" class=\"wp-caption-text\">Monmouth Shores Corporate Park, Wall Township, N.J.<\/p><\/div>\n<p>BHN Associates has acquired Monmouth Shores Corporate Park in Wall Township, N.J., one of the largest business parks in the region. Mack-Cali Realty disposed of the eight-building <a href=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-unveils-50m-nj-capital-improvement-initiative\/\">New Jersey office\/flex campus<\/a>, which is 88 percent occupied by 24 tenants, including Hackensack Meridian (Monmouth County&#8217;s largest employer), Waterford Wedgwood and MetLife.<\/p>\n<p>The 400,000-square-foot park sits along Campus Parkway, Wyckoff Road and Highway 34, close to major roads such as Route 33 and Harden State Parkway. Nearby amenities include a Marriot hotel, retailers, eateries, a retirement community and parks. The campus includes five single-story flex assets and three office buildings sized between 20,000 and 80,000 square feet. The flex facilities feature 22-foot clear heights and drive-in doors with loading docks.<\/p>\n<p>A Cushman &amp; Wakefield team comprising Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso represented the seller in the transaction.<\/p>\n<p>\u201c<em>Mack-Cali has done an exceptional job with the park, maintaining a high historical occupancy rate and catering to a diverse base of regional and national credits,<\/em>\u201d Gabriel said in a prepared statement. \u201c<em>Most notably, the park serves as home to Monmouth County\u2019s largest employer, who has maintained a presence there for over 15 years and continues to expand,<\/em>\u201d DiTommaso said in prepared remarks.<\/p>\n<p>According to Yardi Matrix data, the park previously traded in 1995, when Mack-Cali acquired it from New Jersey Resources for $46.2 million.<\/p>\n<p>The sale comes on the heels of several months of dispositions for Mack-Cali. The firm enlisted HFF early last year to sell a 2.2 million-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/hff-to-market-2-2-msf-office-portfolio-in-nj\/\">New Jersey office portfolio<\/a>.<\/p>\n<p><em>Image courtesy of Mack-Cali Realty<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monmouth Shores Corporate Park in Wall Township, N.J., comprises five single-story flex assets and three office buildings housing the county&#8217;s largest employer.<\/p>\n","protected":false},"author":241,"featured_media":1004218323,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,1600,21742,10,21747],"tags":[32799,33554,32924,35765],"class_list":["post-1004218302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-mack-cali-realty-corporation","tag-metlife","tag-monmouth-county"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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