To finance the deal, Mack-Cali assumed some $63.2 million of mortgage debt, issued common operating-partnership units and paid the balance in cash.Mack-Cali Realty (NYSE: CLI) in Cranford has completed the purchase of a sprawling office park in Greenbelt, Md., boosting its presence in the key Washington, D.C.-area commercial property market. The New Jersey REIT has acquired Capital Office Park, a seven-building class A complex that covers about 842,300 sq. ft., for about $161.7 million.
To finance the deal, Mack Cali assumed some $63.2 million of mortgage debt, issued 1,942,334 common operating-partnership units valued at some $87.4 million and paid the balance in cash. Nicholas C. Pappas of Eastdil Realty represented the seller in the transaction, and Mack-Cali declines to disclose the name of the selling entity at present. The agreement also offers Mack-Cali the option to buy about 43 acres of adjacent sites for $13 million.
Capital Office Park is 83.9% leased to 88 tenants, including Hewlett-Packard, Verizon Communications, L-3 Communications, Titan Corp. and Lockheed Martin.
Mack-Cali provides management, leasing, development and construction services for its class A real estate portfolio. It now owns or holds interests in 277 properties totaling some 30.9 million sq. ft. primarily in the Northeast.