The sale will help the company reduce exposure in noncore markets and submarkets.Mack-Cali Realty Corp. (NYSE: CLI) today said that it has sold a 133,000-square-foot class A office building in Shelton, Conn., to a partnership of The Praedium Group LLC and Abbey Road Advisors LLC for approximately $17 million.
The office building, located at 1000 Bridgewater Ave., is 93.1 percent leased, says Mack-Cali, which says the sale will help it reduce exposure in noncore markets and submarkets.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, said, ÂWhile 1000 Bridgewater Avenue is an attractive property, it has been our sole asset in the Shelton/Stratford submarket. Accordingly, we are pleased to be able to complete this transaction so that we can redeploy the proceeds elsewhere.”
Mack-Cali was represented by Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz of Cushman & Wakefield’s Metropolitan Area Capital Markets Group. Shares of the Edison-based real estate investment trust traded at $48.16 this morning.