Mack-Cali Sells Suburban Philadelphia Properties
05/30/2013 Category: Dispositions
Edison, New Jersey—May 30, 2013—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has sold its 16 and 18 Sentry Park West commercial real estate properties in Blue Bell, Pennsylvania, for approximately $19.3 million. The four-story, 93,093-square-foot 16 Sentry Park West, and the four-story, 95,010-square-foot 18 Sentry Park West were sold to a fund sponsored by Keystone Property Group. In late 2012, the Company sold its Moorestown Corporate Center in Moorestown, New Jersey to Keystone as well.
Mack-Cali retains a carried passive economic interest in the two properties subject to future economic performance of the assets.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, “It was a pleasure working with Keystone, a company that we maintain a relationship with. We look forward to redeploying the proceeds from the sale of these two assets into more strategic growth opportunities.”
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 274 properties, consisting of 265 office and office/flex properties totaling approximately 30.6 million square feet and nine multi-family rental properties containing over 3,300 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation and the commercial real estate properties available for lease can be found on the Company’s website at www.mack‑cali.com.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “potential,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward‑looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.