The sale price for the 327-unit Tenby Chase was set at $20 million. The seller had developed the property itself back in the 1970s.
"This asset has provided solid operating returns and growth in value for us, but we decided that it didn't fit with our portfolio strategy going forward," according to Mitchell E. Hersh, Mack-Cali's CEO. "We sold it to capitalize on the currently favorable climate for residential properties. The proceeds will be redeployed into office properties in the Northeast and Mid-Atlantic regions, where we continue to build on our presence in the office sector."
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