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Mack-Cali Sells Connecticut Office Building

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, “While 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.

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