PAG Investments has acquired a 330,000-square-foot, Class A office building in Parsippany from Mack-Cali Realty Corp., commercial real estate firm Cushman & Wakefield announced on Monday.
C&W’s New Jersey capital markets team of investment sales specialists Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso, and leasing brokers William O’Keefe and Kelsey Nakamura, represented the seller of 5 Wood Hollow Road and procured the buyer.
“The buyer selection process was extremely competitive and involved multiple rounds of bidding,” Gabriel, who led the assignment, said. “PAG Investments has a proven track record of execution and performed as expected.”
The building is situated on 23 acres and is within close access to interstates 287 and 80, and routes 46 and 202. It features a new roof, a cafeteria, a fitness center, and more.
“5 Wood Hollow Road is a prominent and recognizable address and Mack-Cali has done an excellent job in maintaining the building to a higher standard than the majority of buildings within the immediate market,” DiTommaso said. “PAG Investments saw value in both the quality of the building and the in-place tenancy and will continue to benefit from existing cash flow while further repositioning the property.”
PAG said it plans to make upgrades to the building’s common areas to benefit future and existing tenants.
