July 15, 2019 – JLL announces that it has closed the sale of 650 From Road, a 373,420-square-foot office building in Paramus, New Jersey.
The JLL team marketed the property on behalf of the seller, Mack-Cali Realty Corp. A joint venture between Onyx Equities, LLC and Garrison Investment Group, purchased the asset.
650 From Road, built in 1978, is situated on a 20-acre site directly off of the Garden State Parkway approximately 12 miles from Manhattan. The property has convenient access to Routes 17 and 4, as well as Interstate 80, and is positioned in a busy retail corridor near Paramus Park Mall, which is currently being upgraded. Additionally, 650 From Road is adjacent to the future development of the 362-bed, 910,000 square foot Valley Hospital. The five-story property offers tenants a full-service cafeteria, on-site day care and an atrium lobby. The sale included a one-story, free-standing building totaling 10,000 square feet which has recently been leased in its entirety to a medical tenant. The site also has the potential to include future development.
The JLL Capital Markets team representing the seller included senior managing directors Jose Cruz, Kevin O’Hearn and Andrew Scandalios, senior directors Stephen Simonelli and Michael Oliver and director Mark Mahasky.
“We are excited to complete the transaction on behalf of Mack-Cali” Cruz stated. “The property location, accessibility and tenant base made this a desirable asset for the investment community.”