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JLL Completes 2 Office Sales, 1 Retail JV in Parsippany
JLL has sold a pair of office buildings at Waterview Corporate Center in Parsippany, NJ to two separate buyers on behalf of Mack-Cali Realty Corp. The firm also arranged a joint venture partnership to develop Waterview Marketplace, which will be anchored by a 47,558-square-foot Whole Foods, on an adjacent parcel.
Vision Real Estate Partners acquired the 225,550-square-foot 20 Waterview Blvd. (pictured) with 43.9% occupancy, while Arcadian Capital bought the 172,498-square-foot 35 Waterview Blvd. with 95.7% occupancy. Prices were not disclosed.
JLL’s Joseph Garibaldi, Thomas Walsh, Stephen Feinberg and Katelyn Borovsky negotiated for Mack-Cali, and also arranged the retail JV with PGIM Real Estate and a development team of JMF Properties, RD Management and Ripco Real Estate. Walsh noted that although 20 and 35 Waterview face one another, each has different attributes for investors, representing value-add and core-plus opportunities, respectively.
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- ◦Sale/Acquisition
