MORRIS TOWNSHIP, NJ–In the continuing shakeout of a joint-venture agreement between Keystone Property Group of Pennsylvania and Edison-based Mack-Cali Realty Corp., Keystone has closed on purchase of the 412 Mt Kemble Ave. office complex here, paying $45.4 million.
Last week, the companies closed on Keystone's acquisition of three other office properties from Mack-Cali's New Jersey portfolio. (see story here.)
The trades are part of a series of moves allowing Keystone to expand and strengthen its office portfolio, while Mack-Cali continues shifting its primary focus to multi-family property. (see story on the joint venture agreement here).
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