10 Mountainview Road — Courtesy: CBRE Institutional Properties
By Joshua Burd
Mack-Cali Realty Corp. has sold a 208,000-square-foot office building in Upper Saddle River, in a $19.7 million sale brokered by CBRE.
The property, 10 Mountainview Road was acquired by a private investment group and is currently 67 percent leased to a diverse tenant base, CBRE said in a news release. Nearly 90 percent of the occupied space serves as a corporate headquarters location, while also including prominent tenants such as Sherwin Williams and Stryker.
CBRE said that its institutional properties team of Jeffrey Dunne, Kevin Welsh and Brian Schulz represented Mack-Cali in the sale, working in collaboration with Jeffrey Babikian of CBRE’s Saddle Brook office. The team also procured the buyer, Moshe Gold, which is working on behalf of the private investment group.
“The property’s market position, location and occupancy were attractive to the purchaser,” Welsh said in a prepared statement. “Ownership plans to execute a value-add strategy that includes the implementation of new capital improvements and rebranding while substantially growing net operating income.
“Ownership is well-positioned to realize a successful long-term investment.”
CBRE said the property has divisible floor plates with two distinct atriums and proximity to other major corporations in northern Bergen County. It sits one-tenth of a mile from Route 17, and less than five miles from thoroughfares such as the Garden State Parkway and Route 202.