99 Wood Ave. South in Iselin — Courtesy: Cushman & Wakefield
By Joshua Burd
Mack-Cali Realty Corp. has completed its acquisition of a nearly 272,000-square-foot office building in Woodbridge, adding to its holdings in the Metropark submarket.
Brokers with Cushman & Wakefield on Thursday announced the sale of 99 Wood Ave. South, a 10-story building whose tenants include Citibank, Ernst & Young and Greenbaum Rowe Smith & Davis LLP. The firm represented a private seller in the deal with the real estate investment trust.
Terms were not disclosed, but Mack-Cali announced previously that it was in talks to acquire the building for $61.5 million. The 271,988-square-foot property, located in the township’s Iselin section, is located adjacent to the REIT’s 101 Wood Ave. South property and brings its presence in Metropark to about 32.7 percent of the submarket.
Cushman & Wakefield’s Andrew Merin led the transaction along with team members Gary Gabriel, David Bernhaut, Kyle Schmidt and Kubby Tischler.
“The property is the definition of a core, transit-oriented, office offering, with market leading quality, visibility, amenity package, and tenant roster,” Merin said, touting the building’s location directly Exit 131A of the Garden State Parkway, just north of its intersection with the New Jersey Turnpike. He said the attributes have allowed the building, which was 84 percent leased at the time of the sale, to outperform the market and maintain high occupancy.
“Corporate tenants appreciate being on a main commuter line with access to New York City in under an hour, in addition to being serviced by Amtrak’s Northeast Corridor rail line,” Merin said. “Investors continue to pursue best-in-class buildings in core markets, and the significant interest we saw for this offering attests to Metropark’s strength in that regard.”
The property has a recently renovated full-service cafeteria, a newly built fitness center with locker rooms, 24/7 security and a three-story parking structure, according to a news release. It’s also adjacent to the APA Hotel Woodbridge and within walking distance of Metropark station’s Amtrak and NJ Transit rail and bus service to New York City.
The building shares a parking deck with 101 Wood Ave. South.