JLL inks sale of 373K sq. ft. office building in Paramus

By Emily Bader
Paramus | Jul 15, 2019 at 12:28 pm

JLL announced Monday it has closed on the sale of a 373,420-square-foot office building in Paramus.

JLL marketed 650 From Road on behalf of the seller, Mack-Cali Realty Corp. A joint venture between Onyx Equities and Garrison Investment Group purchased the asset.

The five-story property, situated on a 20-acre site, offers tenants a cafeteria, on-site daycare and an atrium lobby. It is located within close access to the Garden State Parkway, routes 17 and 4, and Interstate 80. It is also adjacent to the future development of the 365-bed, 910,000-square-foot Valley Hospital.

The sale also included a one-story, free-standing, 10,000-square-foot building recently leased to a medical tenant.

The JLL Capital Markets team representing the seller included Jose Cruz, Kevin O’Hearn and Andrew Scandalios, senior managing directors; Stephen Simonelli and Michael Oliver, senior directors; and Mark Mahasky, director.

“We are excited to complete the transaction on behalf of Mack-Cali” Cruz said.  “The property location, accessibility and tenant base made this a desirable asset for the investment community.”

Financial terms were not disclosed.

Emily Bader | ebader@roi-nj.com | emilybader