BRANCHBURG, NJ-Continuing its ongoing drive to sell off suburban office property and invest in multifamily assets, Mack-Cali Realty Corp. has traded 51 Imclone Drive in Branchburg for $6.2 million.
The buyer of the single-tenant, 63,213-square-foot commercial real estate property was not identified
Last week, Mack-Cali NJ sold two office buildings with 188,000 square feet in Blue Bell, PA, to a fund sponsored by Keystone Property Group for $19.3 million. Last year, it had sold Keystone a New Jersey property in Moorestown, the three-building Moorestown Corporate Center, for $19.9 million.
In May, Mack-Cali sold its airport office building in Little Ferry for $32.3 million, a Clifton office building for $5.8 million, and the month before, it sold a Hawthorne office for $17.5million..
Mitchell E. Hersh, president and CEO of the REIT has issued this statement, or something similar with each transaction: “This sale will allow us to continue to execute on our strategy of redeploying proceeds into more strategic growth opportunities.”
Edison-based Mack-Cali owns or has interests in 273 properties, including 264 office and office/flex properties with 30.5 million square feet and nine multi-family rental properties with over 3,300 residential units, all located in the Northeast.
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