Mack-Cali Realty Corp. Sells $160M NJ Portfolio
The transaction, disposing of 10 buildings, coincides with the REIT’s strategic plan to dispose of suburban office assets.
MORRIS COUNTY, NJ – Mack-Cali Realty Corp. has sold its 1.5 million-square-foot commercial portfolio in Morris County, NJ. The REIT sold the 10-building portfolio for $160 million to a joint-venture group, comprising Onyx Equities, Taconic Capital Advisors LP, Axonic Capital LLC and Machine Investment Group.
The commercial portfolio encompasses nine buildings in Parsippany, NJ and one building in Madison, NJ.
The transaction coincides with the REIT’s strategic plan to dispose of suburban office assets, and refocus on its Hudson County waterfront portfolio.
While securing a permanent CEO to develop and implement its strategic plan, Mack-Cali Realty Corp. appointed MaryAnne Gilmartin as interim CEO in July 2020.
“This transaction is exemplary of Mack-Cali’s broader strategic vision moving forward,” states Gilmartin. “As we look to focus on our waterfront assets in Hudson County, we will continue to divest of non-core assets in the suburban office markets and build long-term value for our shareholders.”
This most recent sale follows Mack-Cali’s previous disposition of 3 Giralda Farms in Madison, NJ for $7.8 million.