Mack-Cali Realty Corp.
) divested 2 of its Pa.-based office buildings - 16 and 18 Sentry
Park West - to a fund supported by Keystone Property Group.The
deal helped the real estate investment trust (REIT) to reap about
$19.3 million which it aims to redeploy for funding its other
strategic growth prospects.
Located in the Blue Bell submarket, 16 and 18 Sentry Park West
are mirror-image, 4-story office buildings that stretch 93,093
square feet and 95,010 square feet, respectively. Notably,
Mack-Cali holds an approved passive economic interest in both the
assets, subject to their future performance.
The aforementioned transaction will boost the company's
strategy of repositioning its portfolio through the disposal of
non-strategic assets and acquisition of high-quality properties.
This will go a long way in enhancing its top-line growth.
Earlier this month, Mack-Cali sold a Clifton, N.J. office
building to a joint venture (JV) of Gottesman Real Estate
Partners and Mountain Development Corp. (MDC) for $5.8 million.
It also divested another N.J.-based asset - Mack-Cali Airport
property - located in Little Ferry for about $32.3 million, in
On the other hand, Mack-Cali has been inking various
acquisition deals to expand its multifamily apartment portfolio.
Among the recent acquisitions, Alterra IA and Alterra IB at
Overlook Ridge - in Metro Boston are noteworthy. Mack-Cali
acquired the properties from a JV of Prudential Insurance Company
of America, an operational arm of
Prudential Financial Inc.
Additionally, the company entered the DC multifamily market
through the buyout of Crystal House. The property was acquired
through a JV with a fund advised by UBS Global Asset Management
). We believe such restructuring efforts will ultimately help the
company diversify its assets and remain poised for growth in the
Mack-Cali currently carries a Zacks Rank #3 (Hold). Better
performing REITs include
) with a Zacks Rank #1 (Strong Buy).
MACK CALI CORP (CLI): Free Stock Analysis
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