5-16-14

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HFF’s Jose Cruz and Kevin O’Hearn represent owner Mack-Cali sells 22 SylvanWay inMorris County, NJ for $96.6mtoGriffinCapital P ARSIPPANY, NJ — Mack-Cali Re- alty Corporation

ISSUE HIGHLIGHTS Volume 26 Issue 9 May 16 - 29, 2014

level. Wyndham extended the lease term to coincide with the term on its recently completed headquarters ex- pansion at the adjacent 14 Sylvan Way, also developed and owned by Mack-Cali. Mack-Cali was represent- ed in the transaction by Jose Cruz and Kevin O’Hearn , both of HFF. Mitchell Hers h, president and chief executive officer of Mack-Cali, commented, “Due to the long-term lease with Wyndham, this was an excel- lent opportunity to monetize the value of this class A corporate headquarters. The proceeds will be reinvested into more strategic growth opportunities throughout the Northeast.” n

NJAA SPOTLIGHT

announced that it has sold its com- mercial of- fice property located at 22 SylvanWay, in Mack-Ca- li Business Campus in Parsippany f o r $ 9 6 . 6 mi l l i on t o Griffin Capi- tal Corpora- tion. In ad- dition to the sales price, Griffin is as-

Section D

Jose Cruz

Gebroe-Hammer orchestrates a 4.3 million sale

22 Sylvan Way

improvement allowance and commission obligations. 22 Sylvan Way was de- veloped in 2009 pursuant to a long-term, net lease to serve as the headquarters for Wyndham Worldwide Corp. Located in Mack-Cali

Business Campus, 22 Syl- van Way is a three-story, 249,409 s/f, class A office building that has achieved LEED for Commercial Inte- riors and LEED for Existing Buildings: Operations & Maintenance to the Silver

Kevin O’Hearn

suming responsibility for $7 million in future tenant

Institutional Property Advisors sells nursing home for $33.5 million in Beaver County, PA

FC-B

BEAVER, PA — Institu- tional Property Advisors (IPA) , a brokerage division of Marcus &Millichap serving the needs of institutional and major private investors, has arranged the sale of Friend- ship Ridge, a 605-bed nursing home in Beaver, a suburb of Pittsburgh and the seat of Beaver County. The sales price is $33.5 million. IPA senior director Joshua Jandris and IPA executive director Mark Myers , along with IPA associate Charles

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DelMarVa...............................................................5-12A Pennsylvania.................................................... Section C PA’s Projects/Building Services............................... 5-17C TriState Organization.................................................19A New Jersey....................................................... Section B Central New Jersey...................................................5-8B Financial Digest....................................................13-18A

Friendship Ridge

Pennsylvania with Friendship Ridge as its initial invest- ment,” said Jandris. “The state’s strong reimbursement system is especially attractive for investors from New Jersey and NewYork where the intro- duction of managed Medicare is creating uncertainty.” “The opportunity to acquire a large concentration of beds in a major Pennsylvania metropolitan area generated

significant interest in the property,” adds Myers. “The asset’s large size means that incremental revenue increases and expense management strategies can greatly impact the bottom line.” Friendship Ridge is located on 25 acres 246 Friendship Circle in Beaver. Additional acreage is available for expan- sion. The facility has been in operation since 1959. n

Hilding and Matthew Gor- man , a vice president in- vestments in Marcus & Mil- lichap’s Philadelphia office, represented the seller, Beaver County, PA. The buyer is a private consortium of owners and investors based in New Jersey and New York. “The new ownership group has more than 50 years’ expe- rience in long-term care and is eager to begin operating in

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