BLUE BELL, PA-Mack-Cali Realty Corp. of Edison, NJ has sold two office buildings here totaling a little over 188,000 square feet to a fund sponsored by Bala Cynwyd, PA-based Keystone Property Group for $19.3 million.
The properties traded are 16 Sentry Park West, a four-story 93,093-square-foot office building, and 18 Sentry Park West, a four-story 95,010-square-foot building. Mack-Cali reports it retains a “carried passive economic interest in the two properties subject to future economic performance of the assets.”
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, says of the deal, “It was a pleasure working with Keystone, a company that we maintain a relationship with. We look forward to redeploying the proceeds from the sale of these two assets into more strategic growth opportunities.”
Mack-Cali sold its three-building Moorestown Corporate Center in Moorestown, NJ to Keystone last year in a deal valued at $19.9 million.
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