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
It’s a good time to be an industrial broker. Just ask them. (Credit: iStock)

Why all the kids suddenly want to become industrial brokers

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities lands $87M loan for massive JFK warehouse project

250th Issue

The Real Deal celebrates 250 issues

arrow_forward_ios
Loading...