Mack-Cali Realty Corp. recently acquired a 100,589-square-foot, class A office building in Rochelle Park, N.J., for $21 million.
M. Alfieri Co. Inc. sold the four-story asset, located at 395 West Passaic St.
At the time of sale, the property was 90.2 percent leased to five tenants, including Kajima Real Estate Development Inc.; Lincoln National Life Insurance Co.; and Daiichi Asubio Pharmaceuticals Inc.
“This asset fits very well strategically with our regional portfolio, allowing us to further strengthen our concentration in Bergen County. We continue to increase our holdings throughout New Jersey, constantly striving to provide our customers with the right buildings in the right locations to best suit their needs,” said Mitchell E. Hersh, Mack-Cali president and chief executive officer.
Mack-Cali Realty Corp. is a fully integrated, self-managed real estate investment trust.