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HOUSTON-Cranford, NJ-based Mack-Cali Realty Corp. has hawked another Texas holding. This time, the REIT has snared about $3.2 million for the 71,000-sf Cornerstone Regency office building at 14511 Falling Creek in northwest Houston.

Cornerstone Northchase Venture LP, an investment venture of Houston-based Caldwell Watson Real Estate Group, is the buyer. The Cornerstone Regency buy, coupled with the purchase of the 85,000-sf One Northchase Park at 4201 FM 1960 West, also in northwest Houston, takes the firm over the 1.1 million-sf mark for office and flex space. Caldwell Watson now owns six buildings in and around the Northchase Business Park and another 750,000 sf of office space in northwest Houston.

Mack-Cali CEO Mitchell E. Hersh says the move signifies progress “in executing our disposition program of selling assets in non-strategic markets. The proceeds of this sale, as well as other planned asset sales, will be redeployed into strategic opportunities to build our presence in our core Northeast and Mid-Atlantic regions.” The REIT owns or has interest in about 28.8 million sf in 271 northeastern properties. The Houston transaction is the latest in a string of sales that will pull 4.8 million sf of office space in Dallas, Houston, San Antonio, Denver and Phoenix from the firm’s portfolio over the next two years.

J. Brady Wilkins, vice president of Caldwell Watson’s investment division, says the acquisitions, “fall perfectly in line with our current strategy of capitalizing on quality investment opportunities in Houston’s counter-cyclical environment.” Mary Descant, vice president of Caldwell Watson’s office division says the new, larger office portfolio should offer potential tenants the ability to lower operating cost s through “various aggregating strategies.” Eastdil Realty Co. LLC’s Dallas office acted on behalf of Mack-Cali in the sale while Caldwell Watson used in-house representation.

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