Wednesday, July 27, 2016

HFF closes $15 million sale of three office properties within the Mack-Cali Business Campus in northern New Jersey

Four, Five and Six Century Drive Within Mack-Cali Business Campus, Parsippany, NJ

Jose Cruz
FLORHAM PARK, NJ –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $15 million sale of 4, 5 and 6 Century Drive, three office buildings totaling approximately 280,000 square feet within the Mack-Cali Business Campus in Parsippany, New Jersey. 

HFF marketed the property on behalf of the seller, Mack-Cali Realty Corporation, and procured the buyer, a partnership between Bergman Real Estate Group and Time Equities, Inc.  The properties were sold free and clear of debt. 

4, 5 and 6 Century Drive are positioned within the Morris County community of Parsippany near the intersection of three of the state’s most highly traveled highways - Interstates 287, 80 and 280.

 This places the property within a 35-minute drive of New York City and within close proximity to corporate neighbors including Tiffany’s, Medicines Co., T-Mobile, Wyndham, GAF and Avis, among others.

 Built in 1981, features include a full-service cafeteria, excess parking, a picturesque courtyard with fountain and separate picnic areas. 

The Mack-Cali Business Campus that the properties reside in, offers additional amenities including a Bright Horizons child care center, a Hilton hotel, a Residence Inn by Marriott hotel, and restaurants including Ruth’s Chris Steak House.

Kevin O'Hearn
 Wegman’s grocery store and several adjacent restaurants are currently under construction in the park.

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli and associate director Marc Duval. 

The Bergman/Time Equites team was represented by Michael Bergman, president, and Michael Difede, director of acquisitions of Bergman Real Estate Group, and Aaron Medeiros, director of acquisitions for Time Equities. 

“These assets have a significant amount of upside and we are seeing more interest from the investor community for well-located office properties that offer the opportunity to add value,” stated Cruz.

“We are pleased that Mack Cali and HFF selected us to purchase these quality buildings,” explains Michael Bergman.  “While Mack Cali has done a nice job in maintaining these assets, we will continue to make several improvements and add new amenities to provide tenants great value for the cost.

“The tenants will also benefit from the on-going enhancements Mack Cali is planning for their existing Parsippany Business Campus.” 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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