650 From Road in Paramus — Courtesy: JLL
By Joshua Burd
Mack-Cali Realty Corp. has closed on its sale of a 373,420-square-foot office building in Paramus, continuing an effort to trim its once-vast portfolio in Bergen County.
JLL announced Monday that it represented Mack-Cali in marketing 650 From Road, a five-story property between Route 17 and the Garden State Parkway. A joint venture of Onyx Equities LLC and Garrison Investment Group acquired the complex for an undisclosed price.
The JLL capital markets team included senior managing directors Jose Cruz, Kevin O’Hearn and Andrew Scandalios, along with senior directors Stephen Simonelli and Michael Oliver and Director Mark Mahasky.
“We are excited to complete the transaction on behalf of Mack-Cali,” Cruz said. “The property location, accessibility and tenant base made this a desirable asset for the investment community.”
Built in 1978, 650 From Road sits on 20 acres about 12 miles from Manhattan, HFF said in a news release. The brokers highlighted its access to routes 17 and 4 and Interstate 80, along with its full-service cafeteria, on-site day care and atrium lobby.
The sale also included a freestanding 10,000-square-foot building that is fully leased to a medical tenant, HFF said, noting that the site has the potential to include future development. The firm added that the property is adjacent to the development site of the planned 362-bed, 910,000-square-foot Valley Hospital.
Onyx and Garrison have acquired multiple Mack-Cali buildings in Bergen County in recent years. In 2017, the firms purchased five buildings spanning more than 1.1 million square feet in Paramus and Rochelle Park as part of two transactions, although it has since sold one of the buildings.