Mack-Cali Realty Corporation recently announced the sale of their River Centre office portfolio in Red Bank, New Jersey, for $84 million.
The multi-building campus was purchased by First Mile Properties, an affiliate of New York-based Crown Acquisitions, and marks Mack-Cali’s last suburban office portfolio sale in its ongoing divestiture of non-core assets.
River Centre is located around 45 miles south of Midtown Manhattan and totals 639,490 square feet across six Class-A office buildings. Mack-Cali acquired four of the office buildings in 2004 and purchased the remaining two properties in 2017.
The transaction was arranged by the Cushman & Wakefield Capital Markets team of Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, and Seth Zuidema.
Mack-Cali CEO Mahbod Nia said in a statement that the sale is an “important milestone” in the company’s ongoing strategy to shed its suburban office portfolio and simplify its holdings.
Mack-Cali is an American publicly traded real estate investment trust (REIT) headquartered in Jersey City, New Jersey.
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