Wednesday, February 1, 2017

Mack-Cali selling portfolio of 26 South Jersey properties in shift of focus

by Jacob Adelman, STAFF WRITER\
Mack Cali Realty Corp. is selling 26 office and light-industrial buildings in Burlington County, as it sheds suburban office-park assets to focus on mixed-use properties within its core markets surrounding New York City.

The for-sale portfolio comprises 1.2 million square feet in the Moorestown West Corporate Center, which straddles Moorestown and Burlington Townships, real estate services firm Holliday Fenoglio Fowler L.P., which is marketing the properties, said in a release.

Tenants of the buildings, which are 91 percent leased, include health-care service providers, pharmaceutical- and clinical-packaging businesses, and medical suppliers, according to HFF.

Mack-Cali has said it plans to pay down debt and increase holdings in waterfront and transit-based locations with proceeds from its sales in non-core areas, such as Philadelphia's South Jersey suburbs.

The company's core markets include the Jersey City waterfront, where it has its headquarters, as well as Short Hills and Parsippany, N.J., and White Plains, N.Y., according to its most recently published annual report.
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