X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRANFORD, NJ-Mack-Cali Realty Corp., based here has sold seven of its remaining western office properties for a total of $80 million. Located in Houston, Denver and Roseville, CA, the assets total more than 700,000 sf.

“These sales are consistent with our overall strategy of leaving non-core market in the West and Southwest and strengthening our position in our core Northeast and Mid-Atlantic markets,” according to Mitchell E. Hersh, CEO of the REIT.

The properties, sold in three separate deals, include three in Houston. Parkway Properties of Jackson, MS spent $27.2 million to acquire the 109,600-sf 1717 St. James Place, the 155,000-sf 5300 Memorial Dr., and the 148,400-sf 10497 Town & Country Way.

In Aurora, CO, the 108,000-sf 750 South Richfield St., fully occupied by TRW, was sold to Atlanta-based Wells Real Estate Funds for $21.1 million. And in Roseville, CA, near Sacramento, Mack-Cali’s joint venture partnership with Highridge Partners sold the three-building, 183,200-sf Lava Ridge Business Center to Property Reserve Inc. Lava Ridge was developed by the partnership in 2000.

Mack-Cali has also terminated a contract that would have resulted in the sale of a total of 17 buildings in Denver. The prospective buyer was not named, and Mack-Cali will continue to own and operate the properties “until market conditions in Denver improve,” according to Hersh. “While we still intend to exit the Denver market, we feel it is in the best interests of our company and its shareholders to sell the rest of our Denver portfolio under more favorable market conditions, when full value can be realized.”

Since Mack-Cali embarked on its effort to shed non-core-market properties in September, 2000, the company has moved a total of 25 wholly-owned and joint venture assets amounting to more than three million sf for some $375 million. In the same period, the company has acquired to office properties totaling more than 900,000 sf, spending a total of some $97 million in the Northern and Central New Jersey and Westchester County, NY markets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.