Bala Cynwyd is historically among the strongest suburban Philadelphia office submarkets. This property joins Mack-Cali's existing 18-building suburban Philadelphia portfolio that aggregates more than two million sf, according to Mitchell E. Hersh, president and CEO.
John Kropke, who heads acquisitions for Mack-Cali, represented the buyer in the transaction. Robert Fahey and Douglas Joseph of the Philadelphia-area offices of CB Richard Ellis represented the seller. Fahey and others declined to identify the seller. Fahey tells GlobeSt.com it is "an institutional investor client of CBRE."
Fahey says the building was completed in the early 1980s and "has had a series of owners over the past five years. It's an asset that, as we say, is in need of love. Mack-Cali will make the necessary capital improvements, such as rehabbing the common areas and landscaping, and has the capability to lease up the asset inside of 12 months."
In addition to its suburban Philadelphia assets, Mack-Cali has 30 buildings totaling about 1.6 million sf in Burlington County, NJ. In all, it owns or has interests in 273 properties, primarily office and office/flex facilities totaling approximately 26.6 million sf, located throughout the Northeast.
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