Share
Cushman & Wakefield has arranged the sale of the Moorestown Distribution Center, a 272,682 s/f industrial asset located at 14 Sbar Boulevard, 10 miles from Center City Philadelphia. The final sale price was $23,250,000.
A Cushman & Wakefield team of Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema, with assistance from local leasing specialists John Gartland and Jonas Skovdal, represented the seller, the Piperno Family, owner of craft wholesaler Sbar’s. NorthBridge Partners acquired the asset.
“This sale marks a significant milestone after more than 30 years of business in Moorestown,” said Anthony Piperno. “We are excited to see the use of the building continue to support the economic development of the town and the local region.”
Share
The Birch Group, a privately-held commercial real estate investor, owner and operator, today announced the $255 million acquisition of a four-building portfolio in Short Hills, N.J.
The off-market acquisition comes on the heels of the company’s recent $77 million portfolio purchase in Morristown, and further cements its focus on acquiring prime value-add office assets across the suburbs of Northern N.J.
The 843,300 s/f portfolio comprises four Class A office buildings located at 51, 101, 103 and 150 JFK Parkway in the affluent Short Hills submarket.
Cushman & Wakefield represented Mack-Cali Realty Corporation, the seller, and is also being retained by The Birch Group as the exclusive office leasing agent for the properties. With the acquisition, The Birch Group has now acquired over $750 million of commercial office assets since 2019.
The Birch Group acquires four-building Short Hills portfolio for $255M njbiz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from njbiz.com Daily Mail and Mail on Sunday newspapers.
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. click hereOk, Got it
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Share this article
Share this article
JERSEY CITY, N.J., April 20, 2021 /PRNewswire/ Mack-Cali Realty Corporation (NYSE: CLI) today announces the $255 million sale of its Short Hills, New Jersey office portfolio, a four office building portfolio encompassing 843,300 square feet, to The Birch Group. The transaction releases approximately $100 million of net proceeds, after retirement of financing and transaction costs, which is expected to be used to pay down the Company s unsecured corporate debt during the second quarter of 2021. This transaction represents yet another significant step towards simplifying our company through the disposition of suburban office properties while generating liquidity to pay down corporate debt and strengthen our balance sheet, said Mahbod Nia, Chief Executive Officer of Mack-Cali. I would like to thank the team for their hard work and commitment to closing this complex transaction expeditiously.