follow us:Google+ FacebookLinkedInTwitterRSS Feeds

advertisement

Mack-Cali sells Bridgewater property in $72 million deal

By

Back to Top Comments Email Print

News You Can Use

Latest News

advertisement

Mack-Cali Realty Corp., in Edison, announced Monday it sold its office building at 55 Corporate Drive, in Bridgewater, in a $72.3 million deal.

The building, a four-story, 205,439-square-foot class A property, was purchased by a subsidiary of Cole Corporate Income Trust, of Phoenix. It was completed in 2011 by Mack-Cali, which developed it as a build-to-suit headquarters for Sanofi.

“Northern New Jersey is a leading market for corporate facilities because of its proximity to New York City, transportation infrastructure, strong economic base and large population within a 30-minute commute,” said Robert Micera, Cole’s chief investment officer for office and industrial, in prepared remarks.

Micera said the acquisition was attractive because Sanofi is a strong, credit-worthy company with a long-term lease.

“The building itself is a well-constructed asset with a lot of high-end finishes,” he said. “It’s located among a lot of corporate headquarters with good access to labor and transportation.”

Mack-Cali did not respond to requests for comment this morning.

Share This Story On:

Write to the Editorial Department at editorial@njbiz.com

advertisement

Comments


Be the first to comment.



Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
     View Comment Policy

Advanced search
Sponsored by
advertisement
  
  
advertisement
  
  
advertisement
Back to Top