EDISON, NJ—A subsidiary of Cole Corporate Income Trust Inc., an entity managed by Cole Real Estate, has paid approximately $72.3 million for the acquisition of 55 Corporate Drive, a four-story, 205,439-sq.-ft. class-A office property located in Bridgewater, N.J. Adam Spies, Kevin Donner and Neill Wessell, all of Eastdil Secured LLC represented the seller, Mack-Cali Realty Corp., in the transaction.
Developed by Mack-Cali as a build-to-suit property for Sanofi-Aventis, was completed in 2011.
“The sale of this property continues our strategy of monetizing non-core assets,” said Mitchell E. Hersh, president and CEO of Mack-Cali.
Mack-Cali Realty Corp. owns or has interests in 278 properties, consisting of 269and office/flex properties totaling approximately 31.1 million sq. ft.