Mack-Cali Realty Corp. continues to reshape its holdings, selling a 56-building office/flex portfolio for $487.5 million, it announced this week.
The Jersey City-based real estate investment trust said in a news release that it has entered two definitive agreements with a single buyer, RMC Acquisition Entity LLC, an affiliate of Robert Martin Co. LLC, for the various portions of the 3.1 million-square-foot portfolio.
“The sale of our office/flex portfolio substantially completes our strategic repositioning,” Mack-Cali CEO Michael DeMarco said in a prepared statement. “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 company intends to use a portion of the proceeds to pay off about $230 million in unsecured debt, it added. Soho Lofts, developed by Jersey City’s Manhattan Building Co., opened in late 2017.
The sale is expected to close in the second quarter, subject to customary approvals and conditions, Mack-Cali said.