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.

Mercury Real Estate Advisors of Connecticut expresses "serious concerns over the strategic direction and value destroyed by management of Wilshire Enterprises.”

Biz Briefs

The planned purchase of Gale Real Estate plus interests in large Jersey office portfolios are to total about $545 million.

The REIT said it realized net proceeds of about $176.3 million after repaying its existing loan and remitting closing costs.

The Bellemead portfolio comprises 4.2 million sq. ft. across 29 buildings, but Mack-Cali is apparently not buying the entire collection.

With the Super Bowl behind it, Walters Group sales are hot again in southern Ocean County

Industry Report

CEO says the options include a merger or sale of the company; Wilshire shares surge.

The Cranford REIT jumps in the busy corporate bond market with a two-part offering.

The REIT also strengthens its balance sheet with loan repayments of $35.5 Million.

Actress Tara Reid asked to halt plans to build homes in Wyckoff.