Mack-Cali sells $487.5M portfolio to unit of Westchester developer

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Jersey City-based real estate investment trust Mack-Cali Realty has agreed to unload a 56-building office and residential portfolio to an affiliate of the Robert Martin Company (RMC) as the seller continues to shift its focus from Westchester and Fairfield counties to its home state of New Jersey, the Fairfield County Business Journal reported. The $487.5 million deal for roughly 3.1 million square feet of space includes industrial parks developed by Mack-Cali between the 1970s and 1990s, LoHud reported. Some of the properties included in the sale are the Cross Westchester Executive Park in Elmsford, the Mid-Westchester Executive Park in Hawthorne, the South Westchester Executive Park in Yonkers, the Stamford Executive Park in Stamford and a restaurant building in Tarrytown, RMC said in a statement. The Elmsford-based acquirer is one of the oldest real estate firms in Westchester. Mack-Cali, meanwhile, has been refocusing its real estate investments on waterfront office and multifamily properties in New Jersey. The company intends to use the proceeds from its sale to RMC to pay down debt and acquire an apartment community in Jersey City, Mack-Cali CEO Michael DeMarco told the FBJ. Mack-Cali sold the Elmsford Distribution Center in Greenburgh for $70.1 million in January and the Westchester Financial Center in White Plains for $83 million last year. [FBJ]