NJ,Jersey City based real estate investment trusts(REITs) ,Mack-Cali Realty Corporation (NYSE: CLI), announced that it has entered into two definitive agreements with one buyer for the sale of a 56-building ,3.1 million square foot office/flex portfolio. The aggregate purchase price for the portfolio is $487.5 million.
A portion of the proceeds from the sale will be used for the repayment of approximately $230 million of unsecured debt.
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Michael DeMarco, Chief Executive Officer stated, “The sale of our office/flex portfolio substantially completes our strategic repositioning. Mack Cali’s evolution to a waterfront centric office and residential landlord is complete. Proceeds from the sale of this portfolio will be used in part to pay down debt and to purchase Soho Lofts, a 377-unit apartment community in Jersey City, which furthers our waterfront strategy.”
The sale of the portfolio is subject to normal and customary undertakings, covenants, obligations and closing conditions. The Company anticipates completing the sale of the office/flex portfolio early in the second quarter of 2019 to RMC Acquisition Entity, LLC, an affiliate of the Robert Martin Company, LLC.
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