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| Four, Five and Six Century Drive Within Mack-Cali Business Campus, Parsippany, NJ |
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| 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.
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| 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 | www.hfflp.com
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