Feb
12
Jersey Office Portfolio Commands $87M
ByThe properties had a 75 percent occupancy rate at the time of the transaction.
Cranford, N.J.—Signature Acquisitions has acquired a 822,730-square-foot commerce office portfolio encompassing eight buildings located in Cranford and Clark, N.J. from Mack-Cali Realty Corp. The total cost was $87 million.
The portfolio includes a wide range of building sizes and space configurations to accommodate various tenant and use requirements, with an average tenant size of 7,000 square feet.
“The appeal was the diversity of space sizes and buildings. Some is pure office and some is flex,” Jeffrey Dunne, CBRE’s vice chairman, told Commercial Property Executive. “Further, there is good upside to grow NOI through increases in occupancy from its current 75 percent level.”…
