{"id":1004523173,"date":"2021-04-21T03:48:58","date_gmt":"2021-04-21T11:48:58","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004523173"},"modified":"2021-05-15T10:26:48","modified_gmt":"2021-05-15T18:26:48","slug":"birch-group-buys-new-jersey-portfolio-for-255m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/birch-group-buys-new-jersey-portfolio-for-255m\/","title":{"rendered":"Birch Group Buys New Jersey Portfolio for $255M"},"content":{"rendered":"
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51 JFK Parkway<\/p><\/div>\n

On the heels of picking up a three-building ensemble<\/a> in Morristown, N.J., for $77 million, The Birch Group has closed on one of the largest recent commercial transactions in New Jersey. Mack-Cali Realty Corp. pocketed $255 million for a four-property, 843,300-square-foot Class A office portfolio in Northern New Jersey.<\/p>\n

The off-market deal marks Birch’s first investment in the Short Hills submarket and includes buildings at 51, 101, 103 and 150 John F. Kennedy Parkway. After retiring the financing and transaction costs, the deal will release $100 million of net proceeds, slated to pay down Mack-Cali’s unsecured corporate debt. The sale aligns with the firm’s ongoing strategy of reducing its suburban New Jersey office footprint. In late March, Mack-Cali sold its Metropark portfolio in Edison, N.J., in a $254 million trade<\/a> with Opal Holdings.  <\/p>\n

Cushman & Wakefield, which worked on behalf of the seller in closing the transaction, will handle leasing for all properties. At 80 percent occupancy with 22 tenants, the portfolio’s current roster includes Citibank, Bank of America, Morgan Stanley and Wells Fargo. <\/p>\n

Strategic location<\/h2>\n

The Short Hills assets are situated at the junction of the Morris Turnpike and Route 124, 3 miles northwest of Interstate 78. Manhattan is 20 miles to the east.<\/p>\n

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150 JFK Parkway<\/p><\/div>\n

The portfolio includes:<\/p>\n