S hopping C enters N ew J ersey /P en sylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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Transaction is the latest step in refocusing onHudson County waterfront portfolio Mack-Cali announces $160 million sale of 10-building office portfolio inMorris County, NJ
ORRIS COUNTY, NJ — Mack-Cali Realty Corpora- tion announced the strategic sale of a 10-building, 1.5 mil- lion s/f commercial portfolio in Morris County to a joint ven- ture group, including Onyx Equities, Taconic Capi- tal Advisors, L.P., Axonic Capital LLC , and Machine Investment Group for ap- proximately $160 million. The portfolio includes nine build- ings located in Parsippany, NJ and a building inMadison, NJ. “This transaction is exem- plary of Mack-Cali’s broad- M HI-LIGHTS OCTOBER 16 - 29, 2020
10-building, 1.5 million s/f commercial portfolio in Morris County, NJ
er strategic vision moving forward,” said MaryAnne Gilmartin , interim chief ex- ecutive officer of Mack-Cali. “As we look to focus on our waterfront assets in Hudson County, we will continue to divest of non-core assets in the
suburban office markets and build long-term value for our shareholders.” In July 2020, Mack-Cali ap- pointed MaryAnne Gilmartin as Interim CEO to help secure a permanent CEO and develop and implement a strategic plan
its execution is a testament to the collaboration between both sides of the deal to navi- gate the unique obstacles presented by the pandemic,” said Ricardo Cardoso , EVP and chief investment officer of Mack-Cali. MAREJ
that will ensure the ongoing success of the company. This sale follows Mack-Cali’s ear- lier disposition of 3 Giralda Farms in Madison, NJ for $7.8 million in July. “This transaction was a tremendous team effort and
ROCK Commercial Real Estate completes $33M in Sales and 1.9 MSF in leases YTD 2020
• Magnesita Refractories Co. leased 116,000 s/f of industrial space at 631-635 South Rich- land Ave. in Spring Garden Twp. from Patriot Equities, L.P. Kevin Hodge and John Birkeland , of ROCKCommer- cial Real Estate, brokered the transaction • Platinum Mitsubishi Lan - caster leased 32,376 s/f of retail space at 5201 Main St. in East Petersburg from Liberty In- vestments Partnership. Matt Czaus , of ROCK Commercial Real Estate, brokered the transaction • General Services Admin - istration leased 23,231 s/f of office space at 3501 Concord Rd. in Springettsbury Twp. from 3501 Concord Road As- sociates, LP. Bode brokered the transaction • Eastern Lift Truck Co., Inc. leased 22,500 s/f of industrial space at 3635-3725 Board Rd. inManchester Twp. fromField- er Enterprises. Ted Turnbull brokered the transaction • York Habitat for Human - ity, Inc. leased 19,797 s/f of retail space at 1900-2081 Springwood Rd. in York from Humanity. Heather Kreiger , of ROCK Commercial Real Es- tate, represented the tenant in the transaction MAREJ
YORK, PA — ROCK Com- mercial Real Estate an- nounced that, year-to-date, the firm has completed $33 million in sales transactions and ex- ecuted more than 1.9 million s/f in lease transactions. “Despite the disruptions that we have all encountered during this pandemic, commercial real estate remains strong in our region,” said David Bode, CCIM , managing partner of ROCK Commercial Real Estate. “We have continued to work to ensure that our clients’ real estate matters are handled successfully and in a timely manner. Looking ahead, we expect the retail and office markets to experience some adjustment, but the industrial sector to remain very active.” A few of ROCK’s major sale transactions include: • Wellspan Properties, Inc. purchased a professional office property at 3687 Concord Rd. in Springettsbury Twp. from Concord Properties I for $2.59 million. Bode and Nate Resh , of ROCK Commercial Real Estate, represented the seller in the transaction • AIS Leasing Co. purchased an industrial property at 3250 Susquehanna Trail North in Manchester Twp. from AIDC
SPOTLIGHTS
SOUTHERN NJ
9-15B
Southern NJ Chapter
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3687 Concord Rd. in Springettsbury Twp., PA
Church, Inc. for $1.345 mil- lion. Greg Finkelstein , of ROCK Commercial Real Es- tate, represented the seller in the transaction • Codorus Stone & Supply Co. Inc. purchased 15.27 acres of land at 111 Theatre Rd. in New Freedom, PA from The- atre Rd. Enterprises LLC for $1.3 million. Damian Reed and Jason Turnbull brokered the transaction. • Community Volunteer Fire Co. No. 1 of Yorkana, PA pur- chased an industrial property at 5410 Mount Pisgah Rd. in Lower Windsor Twp. fromWil- liamN. & Susanne C.W. Luddy for $1.125 million. David Bode and Nate Resh represented the seller in the transaction. A few of ROCK’s major sale transactions include:
for $2.35 million. Ted Turn- bull and Jason Turnbull , of ROCK Commercial Real Estate, represented the seller in the transaction. • 921 Realty LLC purchased a multi-tenant industrial prop- erty at 921 Tolna Rd. in New Freedom, PA from Tolna Road LLC for $2.1 million. Jason Turnbull and Nate Resh bro- kered the transaction. • SBS Investments, LLC pur - chased an industrial property at 310 Emig Rd. in Manchester Twp fromFox Land Associates, Ltd. for $1.770 million. Ted Turnbull and Damian Reed , of ROCK Commercial Real Es- tate, brokered the transaction. • Lancaster Twp. purchased a church property at 551 Ab- beyville Rd. in Lancaster Twp. from Connection Christian
SOUTHEASTERN PA
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CRONHEIM SECURES $13.265M REFI. FOR PHILADELPHIA MULTI-FAMILY PROPERTY
18B
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