Mack-Cali Realty buys Iselin office complex, sells 56-building portfolio

New York /
Mar.March 12, 2019 02:05 PM

Jersey City-based real estate investment trust Mack-Cali Realty Corporation, which in recent years has shaken up its leadership and embarked on a new investment strategy, is the new owner of a 271,988-square-foot office complex at 99 Wood Avenue South in Iselin, near the Metropark train station in Middlesex County. Cushman & Wakefield’s Andrew Merin, H. Gary Gabriel, David Bernhaut, Kyle Schmidt and Kubby Tischler brokered the deal for the Class A office tower, said a statement from the real estate services firm. New Jersey Business noted that the building had been owned since 2014 by Boston-based private equity firm TA Associates. The acquisition by Mack-Cali, which already owns a neighboring Iselin office property, came after the company sold a three-story, 88,910-square-foot office building at 201 Littleton Road in Morris Plains to Chopp Holdings for an undisclosed sum, as noted by GlobeSt. Mack-Cali also announced on Monday its sale of a 56-building office/flex portfolio to an affiliate of the Robert Martin Company for the aggregate sum of $487.5 million. GlobeSt reported that the latter move by Mack-Cali is part of an ongoing effort by the REIT to divest itself of properties that are either not prime office locations near the New Jersey waterfront or multifamily residential. The outlet noted that the properties being sold by Mack-Cali to Robert Martin’s RMC Acquisition Entity are in Westchester County. Mack-Cali will use a portion of the proceeds from the sale to pay down $230 million in unsecured debt. [NJBiz]


Related Articles

arrow_forward_ios
A rendering of The Pinnacle (Kislak)
Luxury rental complex in Fort Lee sells for $55M
Luxury rental complex in Fort Lee sells for $55M
Gloria Gaynor (Getty, Douglas Elliman)
Gloria Gaynor lists longtime suburban NJ home
Gloria Gaynor lists longtime suburban NJ home
Progress Capital partner Brad Domenico and Broadacres Office Park (Photos via Progress Capital)
Bloomfield, NJ office complex sells for $52M
Bloomfield, NJ office complex sells for $52M
Asbury Park, New Jersey (iStock)
Asbury Park residents choose less stringent rent control
Asbury Park residents choose less stringent rent control
The Birch Group CEO Mark Meisner and Mack-Cali CEO Mahbod Nia with (clockwise from top left: 101, 103, 150 and 51 John F. Kennedy Parkway, Short Hills (Mack-Cali, Linkedin)
Mack-Cali sells Short Hills, NJ office portfolio for $255M
Mack-Cali sells Short Hills, NJ office portfolio for $255M
(Getty)
Different state, same problem: Office availbility soars in NJ
Different state, same problem: Office availbility soars in NJ
The effective rate was 1.1 percent, on average, in 2020, down from 1.14 percent in 2019. (iStock)
Homeowners’ property taxes grew twice as fast last year
Homeowners’ property taxes grew twice as fast last year
New Jersey Gov. Phil Murphy (Getty)
NJ order tapping security deposits to pay rent is back in court
NJ order tapping security deposits to pay rent is back in court
arrow_forward_ios

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

Loading...