Instead, the company will continue to own and operate these properties until market conditions in the metro area improve.
''The property sales… are consistent with our overall strategy of exiting non-core markets in the West and Southwest and strengthening our prominent position in our core Northeast and Mid-Atlantic markets,'' says Mitchell E. Hersh, chief executive officer of Mack-Cali. "While we still intend to exit the Denver market, we believe it to be in the best interests of our company and shareholders to sell the balance of our Denver portfolio under more favorable market conditions, when full value can be realized."
Since the initiation in September 2000 of its program to sell non-core assets, Mack-Cali has sold 25 wholly-owned and joint venture properties totaling more than 3 million sf for more than $375 million.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
