890 Mountain Ave. in New Providence — Courtesy: CBRE
By Joshua Burd
Mack-Cali Realty Corp. has sold another office building from its once-sprawling portfolio, in an investment sale arranged by brokers with CBRE.
In a news release, CBRE announced the sale of the 81,075-square-foot property at 890 Mountain Ave. in New Providence. The firm did not identify the buyer, but said the 35 percent leased building has significant upside for its new owner.
The CBRE Institutional Properties team of Jeffrey Dunne and Jeremy Neuer represented Mack-Cali in the deal. Terms were not disclosed.
“With its premier location and 35 (percent) occupancy, 890 Mountain offers an excellent repositioning opportunity for new ownership,” Dunne said, noting that the building’s high parking ratio is particularly well-suited for medical use.
CBRE also noted that the building, which i at the corner of Diamond Hill Road, sits within what’s known as New Jersey’s Golden Triangle, a 100-square-mile region with some of the state’s wealthiest communities.
