The seller was Matrix/AEW Moorestown LLC, an affiliate of the Cranbury, NJ-based Matrix Development Group. The building itself is currently 70% leased to Lockheed Martin Corp.
"This transaction demonstrates our continuing commitment to strengthen our position in our core markets throughout the Northeast," says Mitchell E. Hersh, president and CEO of the Cranford, NJ-based Mack-Cali.
With the acquisition, Mack-Cali now owns all three buildings, totaling more than 222,000 sf, comprising the Moorestown Corporate Center. Altogether, the REIT owns 30 buildings totaling 1.6 million sf in South Jersey's Burlington County. James P. Vesey and James J. Sheehan of Cushman & Wakefield represented the seller, the buyer was represented in-house.
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