Mack-Cali decided to sell its Flex portfolio
Mack-Cali Realty Corp. sold its 56-story office / flex portfolio. The company’s portfolio was signed by RMC Acquisitionity LLC, a subsidiary of Robert Martin Company LLC, to reach $ 487.5 million.
Portfolio sales are expected to end in the second quarter of this year. This sale is part of Mack-Cali’s different plans. In 2015, the company announced that it would sell $ 800 million worth of real estate assets in order to become the owner of offices and multi-family properties in the elite seaside and transit oriented markets in the northeast.
The revenue generated from the sales of the portfolio will be used to pay the debts of the company, which is a 377-unit apartment community about a mile away from the Hudson River and purchased for $ 263.5 million.
“The sale of our office/flex portfolio substantially completes our strategic repositioning,” says Michael DeMarco, CEO of Mack-Cali. “Mack Cali’s evolution to a waterfront-centric office and residential landlord is complete.”
Based on this plan, the company sold the Elmsford Distribution Center, the six thousand 386 thousand square meter industrial park in Elmsford, in January, for $ 70.3 million.
Sevdenur Demir / [email protected]