The sale brought Mack-Cali a total of $20.2 million. The investment is expected to provide the company with an internal rate of return of 11.61%. No further details of the sale were released.
"This investment was a very successful one for Mack-Cali," according to Mitchell E. Hersh, the firm's chief executive officer. "But we decided to redeploy our capital into more strategic direct real estate investments that are consistent with our overall strategy of owning and operating class A office properties in the Northeast.
Mack-Cali currently owns or has interests in more than 260 properties, mostly office and office/flex buildings in the northeastern region of the US. Total space is in the 28.8-million-sf range, and the company has a tenant roster of approximately 2,000.
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