Mack Cali Realty Corp. is selling 26 office and
light-industrial buildings in Burlington County, as it sheds suburban
office-park assets to focus on mixed-use properties within its core
markets surrounding New York City.
The for-sale portfolio comprises 1.2 million square feet
in the Moorestown West Corporate Center, which straddles Moorestown and
Burlington Townships, real estate services firm Holliday Fenoglio Fowler L.P.,
which is marketing the properties, said in a release.
Tenants of the buildings, which are 91 percent leased,
include health-care service providers, pharmaceutical- and clinical-packaging
businesses, and medical suppliers, according to HFF.
Mack-Cali has said it plans to pay down debt and increase
holdings in waterfront and transit-based locations with proceeds from its
sales in non-core areas, such as Philadelphia's South Jersey
suburbs.
The company's core markets include the Jersey City
waterfront, where it has its headquarters, as well as Short Hills and
Parsippany, N.J., and White Plains, N.Y., according to its most recently
published annual
report.
Source: Philly.com
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