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Mack-Cali Nears Exit from Suburban Office with Monmouth Portfolio Sale
Mack-Cali Realty Corporation has sold River Centre, a 639,490-square-foot office portfolio in the Monmouth County community of Red Bank, NJ. First Mile Properties, the suburban affiliate of Crown Acquisitions of New York, is paying $84 million for the six-building portfolio, which is currently 66% leased.
“The sale of River Centre marks another important milestone and takes us one step closer to successfully completing the disposition of our suburban office portfolio,” said Mahbod Nia, CEO of Mack-Cali.
Cushman & Wakefield’s Capital Markets team arranged the transaction. The firm’s Andy Merin led the assignment alongside David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema. The sales team was supported by local leasing experts Kevin Carton and Todd Elfand.
In addition, Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Chuck Kohaut and TJ Sullivan arranged the acquisition financing on behalf of First Mile Properties.
- ◦Sale/Acquisition