Keystone Buys NJ Offices for $72M

BALA CYNWYD, PA-Keystone Property Group and Mack-Cali Realty Corp. closed on a $71.6 million deal for three New Jersey office properties that Keystone will renovate and upgrade, as part of the larger joint-venture agreement between the two companies that was announced earlier this year. (See previous story)

The strategy behind the joint venture is to allow Keystone to expand and strengthen its office portfolio, while Mack-Cali continues shifting its primary focus to multi-family property. Keystone is acquiring various office properties from Mack-Cali’s portfolio, while Mack-Cali retains certain management interests on the properties. Meanwhile, Mack-Cali is handling multi-family development at various sites that were controlled by Keystone.