Mack-Cali offloads fully leased Paramus office building for $42M

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Garrison Investments and Onyx Equities announced Monday their acquisition of a 373,320-square-foot office building in Paramus, NJBIZ reported. A team from JLL that had previously been at HFF — the two brokerages completed their $2 billion merger on July 1 — represented the seller, Mack-Cali Realty, on the deal. The joint venture between Garrison and Onyx acquired a total of 20 acres — with the potential for future development — at 650 From Road in Paramus. JLL said the sale of the property, located roughly 12 miles from the George Washington Bridge, also included a 10,000-square-foot free-standing building leased to a medical tenant. A source told The Real Deal that Onyx and Garrison paid $42 million for the property, which is 70 percent leased. The purchase by Garrison and Onyx comes two years after they acquired an 847,805-square-foot portfolio in Bergen County from Mack-Cali, a Jersey City-based REIT that last month ended a months-long boardroom battle with an activist investor. Garrison and Onyx are also part of another joint venture that paid $300 million earlier this year to buy 1.6 million square feet across 1, 2 and 4 Gateway Center in Newark alongside Axonic Capital, Prudential Financial and Taconic Capital Advisors. Commercial Property Executive reported that 650 From Road is part of a 2.2 million-square-foot portfolio in Paramus, Rochelle Park and Woodcliff Lake that HFF began marketing on behalf of Mack-Cali in January 2017. [NJBIZ]