LITTLE FERRY, NJ-Continuing on a roll of disposing of office and flex property, Mack-Cali announced Thursday it has sold its 286,628-square-foot building next to Teterboro Airport. The purchase price was $32.3 million.
The identity of the buyer for the fully-leased property at 200 Riser Road was not disclosed.
Mitchell E. Hersh, president and CEO of the Edison-based REIT, issued almost precisely the same statement he had issued Monday when the sale of 55 Corporate Drive in Bridgewater for $72.3 million was announced: “The sale of this property continues our strategy of recycling our capital out of non-core assets to fuel our diversification into multi-family.”
Mack-Cali began an aggressive portfolio shift last year in the face of New Jersey's protracted office-market doldrums. Last year it acquired the Roseland Property Co. multi-family developer and manager as a subsidiary.
In January, the REIT acquired Altera at Overlook Ridge, two Boston-area rental properties that had long been managed by Roseland, paying a total of $150 million.
This week, the Mack-Cali also announced it will sell $275 million of 3.15% senior unsecured notes to raise working capital and to pay off debts.
The REIT now owns or has interests in 277 properties, 268 office and office/flex properties with 31 million square feet and nine multi-family rental properties containing over 3,300 residential units, all located in the Northeast.
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