CBRE Group, Inc. announced that Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties in collaboration with Jeffrey Babikian of CBRE’s Saddle Brook office represented Mack-Cali Realty Corporation in the $19.7 million sale of 10 Mountainview Road in Upper Saddle River, New Jersey. The team was also responsible for procuring the buyer, Moshe Gold, on behalf of a private investment group.
10 Mountainview is a 207,730-square-foot office building that is currently 67-percent leased to a diverse tenant base with over 87 percent of the occupied space serving as a corporate headquarters location with an occupancy history averaging more than 10 years providing stable in-place cash flow. The prominent tenant roster includes Sherwin Williams and Stryker accentuating the locational value of the property.
The property has divisible floor plates with two distinct atriums and proximity to a concentration of corporate decision makers in the Northern Bergen County Market. Located just 0.1± miles from Route 17, 10 Mountainview is less than five miles from many of the state’s largest thoroughfares including the Garden State Parkway, Route 202, I-287 and the NY Thruway.
Mr. Welsh commented: “The property’s market position, location and occupancy were attractive to the purchaser. Ownership plans to execute a value-add strategy that includes the implementation of new capital improvements and rebranding while substantially growing net operating income. Ownership is well positioned to realize a successful long-term investment.”Related Articles: