Sale Illustrates How Metropark Market Continues to Attract Both Tenants and Investors
ISELIN, N.J., Mar. 7, 2019 – Cushman & Wakefield’s New Jersey capital markets team has orchestrated the sale of 99 Wood Avenue South in Iselin. Mack-Cali Realty Corporation purchased the 271,988-square-foot, Class A office tower from a private real estate investment firm.
99 Wood Ave. offers high-end amenities, including a recently renovated full-service cafeteria, a newly constructed fitness center with locker rooms, 24/7 security and a three-story parking structure. The property is 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 and beyond. The building shares a parking deck with 101 Wood Avenue South, where Mack-Cali is also the owner, in a previous transaction also orchestrated by the New Jersey capital markets team.
Cushman & Wakefield’s Andrew Merin led the transaction along with team members Gary Gabriel, David Bernhaut, Kyle Schmidt and Kubby Tischler. “99 Wood Avenue South’s Metropark location, directly off Exit 131A of the Garden State Parkway, just north of its intersection with the New Jersey Turnpike, enhances its appeal for both tenants and investors alike,” according to Merin. “The property is the definition of a core, transit-oriented, office offering, with market leading quality, visibility, amenity package, and tenant roster,” said Merin.
These attributes have enabled the building to outperform the market and maintain a consistently high level of occupancy, he added. “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. 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.”
At the time of the sale, 99 Wood Ave. South was 84 percent leased, with a roster of global and regional tenants that included Citibank, Wells Fargo, Ernst & Young, Greenbaum Rowe Smith & Davis, and Cushman & Wakefield.
The New Jersey capital markets team has a long history of deal making in the Metropark market. Over the past 20 years, the team has completed a dozen office sale transactions totaling over 4.5 million square feet, and over $900 million in transaction volume.
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