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
Clockwise from the top: Dov Hertz and Sunset Industrial Park at 75-81 20th Street in Brooklyn; 155 West 29th Street and 1640 Flatbush Avenue in Brooklyn (Credit: Google Maps; 1640 Flatbush via S9 Architecture)

Worst month of the year for big construction filings

Worst month of the year for big construction filings
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
MaryAnne Gilmartin (Getty, iStock)

Rent-a-CEO: Inside Gilmartin’s short-term gig at Mack-Cali

Rent-a-CEO: Inside Gilmartin’s short-term gig at Mack-Cali
Peter Nicoletti and Colliers' David Amsterdam

Colliers taps JLL’s Peter Nicoletti to lead capital markets

Colliers taps JLL’s Peter Nicoletti to lead capital markets
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...