Mack-Cali Realty Corporation has purchased Metro 101, a Class A office tower in Iselin, NJ for $82.3 million. Built in 1990 for the Engelhard Corporation, the 263,000 sqf building is located at 101 Wood Avenue South in the MetroPark submarket. Trading for just under $313 per sqf, the ten-story building was 95 percent leased at the time of closing. The facility features food service and covered parking, and is located adjacent to the Hilton-Woodbridge. Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the sale on behalf of the seller, Spear Street Capital.
“MetroPark continues to be one of the most desirable locations in the State of New Jersey,” Andrew Merin, Cushman & Wakefield said. “Businesses appreciate being on a main commuter line into and out of New York City, and on Amtrak’s Northeast Corridor. Investors continue to pursue best in class buildings in the most competitive markets, and the significant interest we saw for this offering attests to MetroPark’s strength in that regard.”
