At the time of the sale the building was 93.1% leased, Mack-Caliofficials say. Andrew Merin, David Bernhaut, Gary Gabriel and JoseCruz of Cushman & Wakefield's Metropolitan Area Capital MarketsGroup represented the seller.

|

"As we've been seeking and executing on strategic growthopportunities in selected markets, we have been looking to reduceour exposure in non-core markets and submarkets," Mitchell Hersh,Mack-Cali president and CEO, says of the deal. "While 1000Bridgeport Ave. is an attractive property, it has been our soleasset in the Shelton/Stratford submarket. Accordingly, we arepleased to be able to complete this transaction so that we canredeploy the proceeds elsewhere."

|

Mack-Cali still has office holdings in Stamford, Greenwich andNorwalk in eight properties totaling approximately 720,000 sf.

|

According to its website, predecessor firm Cali Cos. acquiredthe property from an affiliate of the Davis Cos. in August 1997 for$15.5 million. In 1997, Cali merged with the Mack Co. and PatriotAmerican Office Group to become Mack-Cali Realty Corp.

|

As for the new ownership, Mark Keeney, partner at Abbey RoadAdvisors LLC, says, "We are quite pleased to acquire thisinstitutional asset in a market that continues to see growth astenants migrate east from the more expensive lower Fairfield countysubmarkets. We are also pleased to team up with the Praedium GroupLLC on this asset and look forward to working with the existingtenants and new tenants during our ownership."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.