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.”
CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.
CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: Two Riverfront Plaza, a 337,500-square-foot trophy office building in Newark, New Jersey that is net leased to Panasonic N.A.; 175 Park Avenue, the world-class 270,000-square-foot global headquarters of Realogy in Madison, New Jersey; One Paragon Drive, a 107,000-square-foot multi-tenant office building in Montvale, New Jersey; and 300 Harmon Meadow, a 125,000-square-foot multi-tenant office building that is home to the corporate headquarters of Vitamin Shoppe in Secaucus, New Jersey.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
