MOORESTOWN, NJ—Mack-Cali Realty Corp. has unloaded the Moorestown Corporate Center on Strawbridge Drive for approximately $19.9 million, selling the three-building property to a Keystone Property fund.
Mack-Cali’s president and CEO Mitchell E. Hersh says, “The sale of these buildings continues our plan of recycling our capital out of non-core assets.”
The Edison-based REIT was represented in the transaction by Jerome Kranzel, formerly of Jones Lang LaSalle, and Douglas Rodio of Jones Lang LaSalle.
Mack-Cali, a self-managed REIT, has interests in 278 properties in the Northeast, including 272 office and office/flex properties totaling approximately 31.7 million square feet and six multi-family rental properties with over 1,700 residential units.
Last month, the company announced its acquisition of Roseland Partners for $134 million, in a move to diversify its portfolio with multi-family residential. Hersh noted in the publicly-listed company’s third-quarter briefings that multi-family will be a “key component of our growth strategy.”
Mack-Cali acquired about 1,800 apartments and four commercial properties in that deal.
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