100 Walnut Ave. in Clark — Courtesy: CBRE Group Inc.
By Joshua Burd
The new owner of an eight-building office portfolio in Union County has hired CBRE Group Inc. to market and lease the properties, the real estate services firm announced.
The buildings, which total 821,000 square feet, include one in Clark and seven in Cranford, all of which sit along or near the Garden State Parkway. The portfolio includes:
- 100 Walnut Ave. in Clark (192,000 square feet)
- 20 Commerce Drive in Cranford (187,000 square feet)
- 11 Commerce Drive in Cranford (92,000 square feet)
- 65 Jackson Drive in Cranford (85,000 square feet)
- 10 and 12 Commerce Drive in Cranford (72,000 square feet)
- 25 Commerce Drive in Cranford (68,000 square feet)
- 14 Commerce Drive in Cranford (67,000 square feet)
- 6 Commerce Drive in Cranford (58,000 square feet)
The CBRE team of Executive Vice President Joseph J. Sarno Jr., Senior Vice President Jeremy Neuer and associates Matthew Wassel and Joseph A. Sarno will oversee leasing and marketing efforts on behalf of the portfolio’s new owner, Signature Acquisitions. The firm acquired the portfolio in February from Mack-Cali Realty Corp. for $87 million.
“We’re thrilled that our team has been brought on by Signature Acquisitions to enhance this portfolio’s exposure in the marketplace in conjunction with their recent purchase of the portfolio,” Neuer said. “We’re seeing robust demand in New Jersey for well-located, quality office space, coupled with a limited supply of product, and we look forward to working alongside the new ownership to ensure their maximum success.”
CBRE said the property’s ownership has completed several leases within the portfolio in recent months:
- A 26,315-square-foot lease with Trinitas Regional Medical Center at 10 and 12 Commerce Drive
- A 3,500-square-foot lease with Athenex, a global biopharmaceutical company dedicated to cancer treatment discovery, at 20 Commerce Drive
- A 3,250-square-foot lease with law firm McCreedy & Cox at 6 Commerce Drive
- A 2,704-square-foot lease with Bayada Home Healthcare Inc. at 6 Commerce Drive
- A 2,182-square-foot lease with Sodexo Operations, a food and facilities management services company, at 20 Commerce Drive
- A 2,631-square-foot lease with Cali Futures LLC, a construction/development company, at 11 Commerce Drive
- A 7,649-square-foot lease renewal with Canon at 11 Commerce Drive
- An 11,609-square-foot lease expansion with DSV Air & Sea at 100 Walnut Ave., bringing the company’s total square footage in the building to 57,969 square feet
