Mack-Cali Realty Corporation announced this week that it had entered into agreements, forming joint ventures with a fund sponsored by Keystone Property Group, to sell Mack-Cali's 15 commercial real estate properties as well as three land parcels in the suburban Philadelphia market. According to the company's press release, the portfolio will be sold for approximately $233 million: $201 million in cash, a $10 million mortgage secured by One Plymouth Meeting, and subordinated interests in the portfolio with capital accounts aggregating $22 million.
The properties include:
• 150 Monument Road, Bala Cynwyd; 125,783 square feet
• 1000-1235 Westlakes Drive, Westlakes Office Park, Berwyn; 444,350 square feet
• 4 & 5 Sentry Park, Blue Bell; 193,930 square feet
• 100-300 Stevens Drive, Airport Business Center, Lester; 371,000 square feet
• 1000 Madison Avenue, Lower Providence;100,700 square feet
• Rose Tree Corporate Center I and II, 1400 N. Providence Road, Media; 260,000 square feet
• One Plymouth Meeting, 502 W. Germantown Pike, Plymouth Meeting; 167,748 square feet
Mitchell Hersh, President and CEO of Mack-Cali, said, "My relationship with Keystone has afforded us the opportunity to make this transaction happen. It offers our Roseland subsidiary an opportunity to develop additional luxury multi-family properties that are in line with our reputation for building best in class residential at the gateway to the Main Line in Philadelphia. In addition, Mack-Cali will have the opportunity to redeploy the proceeds from this sale into more strategic growth opportunities."
For more news and information visit Blumberg Capital Partners.
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