Mack-Cali sells Westchester distribution facility for $70M

The company has been selling industrial properties to focus on other projects

TRD New York /
Jan.January 03, 2019 05:00 PM

The Elmsford Distribution Center and Mack-Cali CEO Michael DeMarco

Mack-Cali Realty has taken another step in its effort to reshape its portfolio.

The company sold the Elmsford Distribution Center in Westchester County for $70.25 million, Mack-Cali said in a statement. Realterm Logistics, which owns and manages logistics facilities for the transportation industry, acquired the industrial park.

The property has six buildings across more than 386,000 square feet of warehouse space. HFF’s Jose Cruz, Jordan Avanzato and Marc Duval represented Mack-Cali in the deal.

“While we expect the park’s new owner will experience leasing success in an industrial market that has seen strong rent growth in recent years, the disposition enables us to pay down debt levels from investments we made in creating our multifamily platform,” CEO Michael DeMarco said in a statement.

Mack-Cali has planned to exit the flex-warehouse business as the company focuses on office properties in Jersey City and multifamily development on the waterfront. The company previously sold industrial properties in Moorestown and Totowa, New Jersey.

Earlier this year, the real estate investment trust added to its Jersey City holdings with a $53 million purchase of a development site at 25 Christopher Columbus Drive. The project will span about 600,000 square feet with about 718 luxury rental units, along with space for retail, a school and a possible daycare center.
DeMarco took over as CEO in 2017, with former chief executive Mitch Rudin becoming vice chair.


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

arrow_forward_ios