JLL announces sale of 650 From Road in Paramus, New Jersey
Free-standing office building fully leased to medical tenant
MORRISTOWN, N.J., July 15, 2019 – JLL announces that it has closed the sale of 650 From Road, a 373,420-square-foot office building in Paramus, New Jersey.
The JLL team marketed the property on behalf of the seller, Mack-Cali Realty Corp. A joint venture between Onyx Equities, LLC and Garrison Investment Group, purchased the asset.
650 From Road, built in 1978, is situated on a 20-acre site directly off of the Garden State Parkway approximately 12 miles from Manhattan. The property has convenient access to Routes 17 and 4, as well as Interstate 80, and is positioned in a busy retail corridor near Paramus Park Mall, which is currently being upgraded. Additionally, 650 From Road is adjacent to the future development of the 362-bed, 910,000 square foot Valley Hospital. The five-story property offers tenants a full-service cafeteria, on-site day care and an atrium lobby. The sale included a one-story, free-standing building totaling 10,000 square feet which has recently been leased in its entirety to a medical tenant. The site also has the potential to include future development.
The JLL Capital Markets team representing the seller included senior managing directors Jose Cruz, Kevin O’Hearn and Andrew Scandalios, senior directors Stephen Simonelli and Michael Oliver and director Mark Mahasky.
“We are excited to complete the transaction on behalf of Mack-Cali” Cruz stated. “The property location, accessibility and tenant base made this a desirable asset for the investment community.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Mack-Cali Realty Corporation
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development and other tenant-related services for its two-platform operations of waterfront and transit-based office and luxury multi-family assets. Mack-Cali provides its tenants and residents with the most innovative communities that empower them to re-imagine the way they work and live.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties and multi-family residential communities available for lease can be found on the Company’s website at mack-cali.com.