BALA CYNWYD, PA-Keystone Property Group and Mack-Cali Realty Corp. closed on a $71.6 million deal for three New Jersey office properties that Keystone will renovate and upgrade, as part of the larger joint-venture agreement between the two companies that was announced earlier this year. (See previous story)

The strategy behind the joint venture is to allow Keystone to expand and strengthen its office portfolio, while Mack-Cali continues shifting its primary focus to multi-family property. Keystone is acquiring various office properties from Mack-Cali's portfolio, while Mack-Cali retains certain management interests on the properties. Meanwhile, Mack-Cali is handling multi-family development at various sites that were controlled by Keystone.

"As part of our continued focus on creating lifestyle-oriented, world-class work environments that support tenants in maintaining their competitive edge, we are looking forward to executing on our strategy to unlock value at these properties through capital improvements," said Bill Glazer, Keystone's president. "The buildings within this portfolio are well located and are prime candidates for reinvestment.”