ELMSFORD, N.Y., Jan. 3, 2019 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE:CLI), an owner, manager and developer of premier office and multifamily properties, today announced the $70.25-million sale of Elmsford Distribution Center in Westchester County, New York. Realterm Logistics, an owner and manager of high-flow-through logistics facilities serving the transportation industry, acquired the six-building industrial park, which comprises more than 386,000 square feet of warehouse/distribution space.
Like the recent sales of industrial properties in Moorestown and Totowa, New Jersey, the transaction represents the next step in Mack-Cali's plan to exit the flex-warehouse business while simultaneously investing in the transformation of its office properties in Jersey City and developing its multifamily platform on the waterfront.
Mack-Cali was represented in the transaction by the HFF investment sales team of Senior Managing Director Jose Cruz and Directors Jordan Avanzato and Marc Duval.
"The sale of Elmsford Distribution Center serves as a significant milestone in our plan to strategically consolidate the Mack-Cali portfolio," said Michael J. DeMarco, Chief Executive Officer of Mack-Cali. "While we expect the park's new owner will experience leasing success in an industrial market that has seen strong rent growth in recent years, the disposition enables us to pay down debt levels from investments we made in creating our multifamily platform."
In New Jersey, Mack-Cali is in the midst of a $75-million multi-phase improvement plan for its Harborside office and retail portfolio, a destination neighborhood where ambitious and creative people come together in a setting that harnesses the distinct character of Jersey City. Additionally, the company recently completed a $50-million capital transformation program for its portfolio of transit-oriented suburban office properties, including the comprehensive renovation of building exteriors, installation of state-of-the-art amenities, and modernization of common areas.
About Mack-Cali Realty Corporation
One of the country's leading Real Estate Investment Trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.
A fully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.
For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com.
SOURCE Mack-Cali Realty Corporation