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Mack-Cali sells off another New Jersey office building

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Mack-Cali Realty Corp. sold a New Jersey office building to a pair of real estate companies for $26.25 million, Real Estate NJ reported. Aspen Real Estate and Devli Real Estate bought the nearly 190,000-square-foot building in Monmouth County from the firm, with plans to build a new cafe, lounge and conference center, according to the outlet. “We are very excited to acquire such an attractive trophy asset at a basis that will generate fantastic immediate cash flow as well as provide us with the opportunity to add value through various leasing objectives,” Aspen’s principal Phil Proetto said in a statement. [RE-NJ]