The Bellemead portfolio comprises 4.2 million sq. ft. across 29 buildings, but Mack-Cali is apparently not buying the entire collection.Mack-Cali Realty of Cranbury is in the process of wrapping up a deal worth some $550 million to buy a large chunk of the so-called Bellemead portfolio of office buildings from the Gale Co. of Florham Park and S.L. Green of New York City, NJBIZ has learned.
Mack-Cali, which emerged as a frontrunner from among some eight bidders, is expected to announce the deal sometime next week.
Sources say that Gale and Green will profit handsomely from the sale. They paid $555 million for the properties, which then totaled 4.7 million sq. ft., 18 months ago. Four months ago, Gale and Green had announced plans to ÂrecapitalizeÂ the Bellemead portfolio, which essentially meant finding new owners or financial partners.
The Bellemead portfolio (called this because it was assembled by the former Bellemead Corp.) comprises 4.2 million sq. ft. across 29 buildings, but Mack-Cali is apparently not buying the entire collection.
The portfolio is about 85% leased, and most of its buildings are between 25 and 35 years old. At current market rates, industry insiders peg the value of the entire portfolio at north of $700 million.
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