MORRIS TOWNSHIP, NJ–In the continuing shakeout of ajoint-venture agreement between Keystone PropertyGroup of Pennsylvania and Edison-based Mack-CaliRealty Corp., Keystone has closed on purchase of the 412Mt Kemble Ave. office complex here, paying $45.4 million.
Last week, the companies closed on Keystone's acquisition ofthree other office properties from Mack-Cali's New Jerseyportfolio. (see story here.)
The trades are part of a series of moves allowing Keystone toexpand and strengthen its office portfolio, whileMack-Cali continues shifting its primary focus tomulti-family property. (see story on the joint venture agreementhere).
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