First Mile Properties Acquires Office Building In Red Bank For $84M

The River Centre office building located at 331 Newman Springs Rd in Red Bank has been sold in a recent transaction. The property, with a total area of 639,490 square feet, was sold for a price of $84,000,000, resulting in a price per square foot of $131.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $84,000,000
• Address: 331 Newman Springs Rd, Red Bank
• Market: Red Bank

The buyer of the property is First Mile Properties, while the seller is Mack-Cali Realty Corp., specifically Mahbod Nia. The deal was facilitated by brokers Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Kevin Carton, and Todd Elfand from Cushman & Wakefield.

With this transaction, First Mile Properties acquires the River Centre office building in Red Bank for a total of $84,000,000. The property spans a spacious 639,490 square feet, making it a significant investment opportunity in the office market of Red Bank.