A joint venture comprised of Gottesman Real Estate Partners and Mountain Development Corp. (MDC) has acquired 777 Passaic Ave., an office building located in Clifton, N.J., for approximately $5.8 million. The new ownership acquired the property from Mack-Cali Realty Corp.
MDC will serve as the property manager and leasing agent for the joint venture. First mortgage financing was provided by TriState Capital Bank.
"This sale will allow us to redeploy the proceeds into more strategic growth opportunities," said Mitchell E. Hersh, president and CEO of Mack-Cali.
Currently 65 percent occupied, 777 Passaic Ave. stands five stories tall and is comprised of approximately 77,000 sq. ft. of space.