Nanuet Investment Firm Acquires Mack-Cali Office Building for $12.75M
Real Estate In-Depth | November 24, 2020
PARSIPPANY, NJ—The Birch Group of Nanuet has acquired from Mack-Cali Realty Corp., a 154,820-square-foot office building at 7 Campus Drive here for $12.75 million.
The sale by Jersey-based Mack-Cali is part of an ongoing disposition of its office assets. The firm reported that the sale brings its year-to-date suburban office dispositions to $270.35 million.
“We have been deliberate and diligent in following through on our strategic suburban disposition strategy and this is yet another example of the team’s continued work,” said MaryAnne Gilmartin, board chair and interim CEO of Mack-Cali. “Divesting non-core assets will enable us to refocus on our key priorities, namely the repositioning of our Harborside office campus and paying down corporate debt.”
“We have buyer activity on every piece of our suburban portfolio and expect to continue to execute additional sales in the coming months,” added Ricardo Cardoso, EVP and chief investment officer of Mack-Cali.
Recently, the Birch Group has closed on several other New Jersey acquisitions. Last month, Globest.com reported that The Birch Group had purchased the 269,720-square-foot, class A, office property at 55 Challenger Road in Ridgefield Park, NJ. The Birch Group and joint venture partner Vision Properties also acquired last month the 228,000-square-foot, class A office building at 180 Park Ave. in Florham Park, NJ.
In January 2020, the Birch Group purchased two Parsippany office buildings totaling more than 191,000 square feet. The firm added the 99 and 119 Cherry Hill Road office buildings to its portfolio.