MACK-CALI SELLS MOORESTOWN, NEW JERSEY, OFFICE PROPERTIES
(The following is a reformatted version of a press release issued by Mack-Cali Realty and received via e-mail. The release was confirmed by the sender.)
MACK-CALI SELLS MOORESTOWN, NEW JERSEY OFFICE PROPERTIES
Edison, New Jersey--November 7, 2012--Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has sold Moorestown Corporate Center on Strawbridge Drive in Moorestown, New Jersey for approximately $19.9 million. The three buildings total 222,258 square feet and are 61.4% leased. They were sold to a fund sponsored by Keystone Property Group.
Mack-Cali was represented in the transaction by Jerome Kranzel, formerly of Jones Lang LaSalle, and Douglas Rodio of Jones Lang LaSalle.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “The sale of these buildings continues our plan of recycling our capital out of non-core assets.”
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 278 properties consisting of 272 office and office/flex properties totaling approximately 31.7 million square feet and six multi-family rental properties containing over 1,700 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation is available on the Company’s website at www.mack-cali.com.