Commercial real estate firms Garrison Investment Group and Onyx Equities recently announced the acquisition of a four-property, 847,805-square-foot office portfolio in Bergen County from developer Mack-Cali.
The sale of the portfolio, located throughout Paramus and Rochelle Park, was brokered by Cole Schotz, Milbank, Tweed, Hadley & McCloy and HFF.
Onyx Equities and Garrison Investment acquired:
Stephen Sullivan, chief investment officer at Onyx Equities said this represents another value-add opportunity for both firms.
“We are pleased to have finalized this acquisition and look forward to implementing Onyx’s signature, value-add, asset management strategy in partnership with Garrison Investment Group,” he said. “Across our portfolio, we want to ensure our tenants are able to offer current and prospective talent with what they want: work environments people actually look forward to returning to each day.”
The joint partners said they now own 1.1 million square feet of office space in Bergen County. All of the properties, including the previously purchased Country Club Plaza, have proximal access to the Garden State Parkway, Route 17 and 4, and Interstate 80, Onyx and Garrison said.
“We are thrilled to have purchased what will surely be another successful transaction with Onyx Equities,” Kristi Mazejy, vice president at Garrison Investment Group said. “We are currently completing extensive renovations at Country Club Plaza and have already executed 76,300 square feet of new leasing at the asset in the last 12 months which we are all very excited about.”
HFF’s Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval represented Mack-Cali in the transaction.
“We were pleased to work with the buyer and assist the seller with such a significant divestment of their Bergen portfolio,” Cruz said. “The sale represents the largest transaction in Bergen County in 2017.”
Jordan Metzger, John Park, Danielle Pasquariello and Samantha Epstein of Cole Schotz represented the buyer alongside Milbank, Tweed, Hadley & McCloy in the transaction.
Financial terms were not disclosed.