Mack-Cali Sells New Jersey Office Portfolio to Opal Holdings for $254M
EDISON AND ISELIN, N.J. — New Jersey-based REIT Mack-Cali Corp. (NYSE: CLI) has sold its Metropark office portfolio, which consists of four buildings totaling 945,906 square feet in the Northern New Jersey cities of Edison and Iselin, to New York City-based Opal Holdings for $254 million. The sale of the property, which was approximately 90 percent leased at closing, comes as part of Mack-Cali’s stated objective of divesting of its office holdings. The initiative has already led to the sale of office assets in Parsippany and Woodbridge. The company plans to use the proceeds to pay down its unsecured corporate debt in the second quarter. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Adam Spies, Kevin Donner, Todd Elfand and Kevin Carton brokered the deal on behalf of Mack-Cali.