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Mack-Cali Realty Corp. bought 3.1 acres on the western
side of the Fayette Street bridge. The site fronts the Schuylkill River.
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O'Neill Properties Group has sold a development parcel in
Conshohocken, Pa., to Mack-Cali Realty Corp.
The 3.1-acre parcel at 51 Washington St. is approved for
310 apartments. The site is located on the western side of the Fayette Street
bridge or to the left while heading into Conshohocken. The property fronts the
Schuylkill River.
Mack-Cali's affiliate, Roseland, intends to begin
construction of a multifamily complex on the site during the first quarter of
next year, said Ilene Jablonski, a company spokeswoman. Jablonski declined to
disclose the purchase price until the company does so through Securities and
Exchange Commission filings. The Edison, N.J., company bought the site because
it fits within its strategy to take positions in markets that have high
barriers of entry and are served by mass transit.
Jeff Mack of Newmark Grubb Knight Frank arranged the
transaction.
O'Neill Properties of King of Prussia, Pa., decided to
sell the property "to clean up our balance sheet," said Brian
O'Neill, who heads up the real estate company. O'Neill received approval from
borough officials earlier this year for the development of a 6-story apartment
building that would have two levels of parking.
Source: Philadelphia
Business Journal
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