Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the $82.3 million sale of Metro 101, located at 101 Wood Avenue South in Iselin. Mack-Cali Realty Corporation purchased the 263,000-square-foot, Class A office tower from Spear Street Capital.
Metro 101 was developed in 1990 for Engelhard Corporation. Spear Street Capital purchased the property in 2008 and orchestrated an extensive renovation that positioned the 10-story building for multi-tenant occupancy. Now 95 percent occupied, Metro 101 offers above-standard amenities, including food service and covered parking, and is located adjacent to the Hilton-Woodbridge.
According to Cushman & Wakefield’s Andrew Merin, who led the transaction with team members David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt, 101 Wood Avenue South’s MetroPark location enhances its appeal for tenants and investors alike. The property is located directly off Exit 131 of the Garden State Parkway, just north of its intersection with the New Jersey Turnpike, within walking distance of NJ Transit’s Metropark train station.
“MetroPark continues to be one of the most desirable locations in the State of New Jersey,” Merin said. “Businesses appreciate being on a main commuter line into and out of New York City, and on Amtrak’s Northeast Corridor. Investors continue to pursue best in class buildings in the most competitive markets, and the significant interest we saw for this offering attests to MetroPark’s strength in that regard.”
The Metropolitan Area Capital Markets Group has a long history of dealmaking in the MetroPark submarket. Past transactions include the sale of 99 Wood Avenue South (twice), 101 Wood Avenue South’s sale to Spear Street Capital and, more recently, the 2015 sale of Metroview, a 196,000-square-foot office tower on Thornall Street in Edison, to Mack-Cali.
Based in East Rutherford, Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $21.7 billion worth of transactions since 2000, closing on $2.0 billion in 2015.Related Articles: