Rutherford, NJ (12/14/2016)
NGKF Capital Markets is pleased to announce the sale of Mack-Cali Corporation's 237,295-square-foot Monmouth Executive Center in Freehold, New Jersey. The NGKF Capital Markets team, led by Executive Managing Director Steven Schultz and Managing Directors Tony Georgiev and Adam Silver, represented the seller, Mack-Cali Corporation, in the transaction to the Mantrose Group. The property was purchased for $15.5 million and consists of 2, 3 and 4 Paragon Way and 100 Willow Brook Road, which total 22.9 acres.
"Currently the office park is seventy-six percent leased by 18 tenants across several industries. The opportunity provided Mantrose Group with a compelling yield and a substantial value-add investment, setting it apart from the rest of the submarket's office inventory," said Schultz.
The office park is constructed as multi-tenant buildings with a strong diversified tenant pool including Aetna Life Insurance Company, United States Fire Insurance Co., as well as The State of New Jersey. There are also several law firms, technology companies and government agencies that occupy Monmouth Executive Center. The complex boasts floorplates that provide flexibility to accommodate both large and small tenants.
"We were pleased with the Capital Markets team's ability to market and execute the sale," said Executive Vice President and Chief Investment Officer of Mack-Cali Corporation Ricardo Cardoso. "The sale of Monmouth Executive Center serves as a continuation of Mack-Cali's strategic effort to dispose of non-core assets and reinvest in transit-oriented assets."
"NGKF will manage the leasing for the property on behalf of the Mantrose Group," said Silver. "The new owner will be upgrading the buildings with several first-class amenities including a café, conference room and fitness center. We look forward to seeing continued leasing success under the new ownership."
The park is situated at a four-way interchange of the Route 33 bypass and Halls Mill Road, providing immediate access to I-95, Routes 9, 18 and 537, the Garden State Parkway and New Jersey Turnpike. Located in the eastern section of Freehold Township, Monmouth Executive Center is in proximity to several demand drivers including CentraState Medical Center, Monmouth County Courthouse, and Freehold Raceway Mall.
Among the country's largest real estate investment trusts (REITs), Mack-Cali Realty Corporation is a leading owner, manager, and developer of class A real estate. As part of Mack-Cali's new strategy, the company will focus on NJ waterfront properties and other transit-based office markets, while expanding its multi-family operations. Mack-Cali's office buildings serve some of the world's finest companies and its multi-family communities offer premier luxury living.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.