Mack-Cali Sells Rockland Office Building for $28M

MONTEBELLO, NY—In its continued drive to sell off non-core assets and particularly suburban office product in the northern suburbs of New York City, Mack-Cali Realty Corp. reports it has sold 400 Rella Blvd. here for approximately $28.3 million.

The Edison, NJ-based REIT sold the three-story, 195,375-square-foot office building to an undisclosed buyer. Jeffrey Prezant of Cushman & Wakefield represented Mack-Cali in the sale of the property that is 75.8% leased. The deal marks the trade of Mack-Cali's last owned asset in Rockland County, although the firm still manages the Blue Hill Plaza office complex in Pearl River.

Mitchell E. Hersh, president and CEO of Mack-Cali, says of the sale, “We look forward to redeploying the proceeds from the sale of this non-core asset into more strategic growth opportunities.”

On Feb. 25 Mack-Cali announced it was selling a total of five office buildings in Elmsford and Tarrytown in neighboring Westchester County, NY totaling more than 598,000 square feet as part of a 12-building, $230.8-million sale to Keystone Property Group of Bala Cynwyd, PA.

The Westchester County office properties to change hands include: 555 and 565 Taxter Road in Taxter Corporate Park in Elmsford, totaling 344,563 square feet; 570 Taxter Road in Elmsford, totaling 77,859 square feet; and 200 and 220 White Plains Road in Talleyrand Office Park in Tarrytown that total 175,749 square feet.

In that late February announcement, Mack-Cali reported its plans to sell six buildings in New Jersey: 1717 Route 208 North in Fair Lawn, totaling 150,477 square feet; 30 Knightsbridge Road in Piscataway, totaling 686,316 square feet; 412 Mt. Kemble Road in Morris Township, totaling 477,843 square feet; and 470, 400 and 530 Chestnut Ridge Road in Montvale, totaling 200,444 square feet. The company also plans to hand over the keys to the nearly 180,000-square-foot Soundview Plaza at 1266 East Main St. in Stamford, CT to Keystone.