10B — December 18 - January 14, 2020 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern NJ
154,820 s/f office building trades in Parsippany, NJ Mack-Cali Realty announces $12.75M sale of 7 Campus Dr. P
Heller and Geltzeiler represent tenant Avison Young arranges HQ lease for Prism Vision
ARS I PPANY , NJ — Mack-Cali Real- ty Corporation an- nounced the disposition of 7 Campus Dr., a 154,820 s/f office building in Parsippany, to Birch Group for $12.75M. “We have been deliberate and diligent in following through on our strategic suburban disposi- tion strategy and this is yet another example of the team’s continued work,” said Mary- Anne Gilmartin , Board Chair and Interim chief executive of- ficer of Mack-Cali. “Divesting non-core assets will enable us to refocus on our key priorities,
420 Mountain Ave.
7 Campus Dr.
FAIR LAWN, NJ —A team of brokers including David Knapel, Alex Rosenberg, Greg Sholom and David Cantor brokered a lease of 30,000 +/- s/f at 20-21 Waga- raw Rd. in Fair Lawn with Dynamic Productions, Inc., a production services provider for festivals, tours, concerts, live & virtual events. “The unit provides Dynamic Productions with a sizeable and affordable center fromwhich to store and transport their equipment. This Bergen County location puts them in an ideal position to access venues throughout the tri-state area,” said Kna- pel. Team Resources repre- sented both the landlord and tenant in this transaction. 20-21 Wagaraw Road is an Industrial complex spanning over 30 acres, totaling over 750,000 s/f known as Fair Lawn Industrial Park, owned and managed by The Silver- man Group . MAREJ “It was a pleasure work- ing with Prism Vision to find a new location for their headquarters. Our team of professionals relied on their exceptional knowledge of the market and was able to iden- tify fully-furnished space in a class A building and negotiate a complex deal,” said Heller. 420 Mountain Ave. is a class A, four-story corporate center ideally located in the highly sought-after I-78 Cor- ridor submarket of Northern NJ. MAREJ led by principal and manag- ing director Jeff Heller , and supported by senior vice pres- ident Steven Geltzeiler rep- resented the tenant, Prism Vision Group. The building’s owner, Signature Acquisi- tions, was represented in- house. Team Resources brokers 30,000 +/- s/f lease at 20-21 Wagaraw Rd. in Fair Lawn, NJ
BERKELEY HEIGHTS, NJ — Avison Young an- nounced the closing of a 36,544 s/f, headquarters lease for PrismVision Group, one of the country’s largest a The Avison Young team,
namely the repositioning of our Harborside office campus and paying down corporate debt.” This sale brings the year-to- date suburban office disposi- tions total to $270.35 million. “We have buyer activity on
every piece of our suburban portfolio and expect to con- tinue to execute additional sales in the coming months,” said Ricardo Cardoso , EVP and chief investment officer of Mack-Cali. MAREJ
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