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.