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| This 10-property office portfolio totals 1.5 million square feet in Morris County, New Jersey |
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| Christopher Peck |
JLL worked on behalf of the borrower, a joint venture between Onyx Equities, Taconic Capital Partners, Axonic Capital and Machine Investment Group, to secure the three-year, floating-rate loan provided by funds managed by the Real Estate Group of Ares Management Corporation (NYSE: ARES).
Loan proceeds were used to acquire the portfolio from Mack-Cali. The sale transaction was represented by JLL’s Capital Markets team.
The portfolio consists of nine assets in Parsippany: 1, 3, 5 and 7 Sylvan Way; 4, 6 and 8 Campus Drive; 2 Hilton Court and 11 Dryden Way, and 1 Giralda Farms in Madison.
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| Michael Klein |
Parsippany and Madison are located in Morris County, which is part of the Northern New Jersey office market, which, with more than 152 million square feet, is the 17th largest office market in the United States.
The area is home to numerous Fortune 500 companies and boasts a highly educated workforce as well as superior connectivity and proximity to Manhattan, 40 miles east.
The portfolio is 84% leased overall to a diverse tenancy including national credit and local tenants.
The JLL Capital Markets team representing the borrower
included Steven Klein, Christopher Peck, Michael Klein, Jose Cruz and Alex
Staikos.
CONTACT:
Kristen
Murphy
JLL
Senior Manager
Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
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