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Mack-Cali sells Moorestown, New Jersey office properties

Mack-Cali Realty has sold Moorestown Corporate Center on Strawbridge Drive in Moorestown, New Jersey for approximately USD19.9m.

The three buildings total 222,258 square feet and are 61.4 per cent leased. They were sold to a fund sponsored by Keystone Property Group.

Mack-Cali was represented in the transaction by Jerome Kranzel, formerly of Jones Lang LaSalle, and Douglas Rodio of Jones Lang LaSalle.

Mitchell E. Hersh, president and chief executive officer of Mack-Cali, says: "The sale of these buildings continues our plan of recycling our capital out of non-core assets."

Mack-Cali Realty is a fully integrated, self-administered, self-managed real estate investment trust providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio.

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