Mack-Cali buys 63,930 SF class A office building.Mack-Cali Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corporation (NYSE NYSE See: New York Stock Exchange : CLI (1) (Call Level Interface) A database programming interface from the SQL Access Group (SAG), an SQL membership organization. SAG's CLI is an attempt to standardize the SQL language for database access. ) today announced it has acquired 4 Sentry Parkway, a 63,930 square-foot class A office building located in the Sentry Park office campus in Blue Bell, Pennsylvania Blue Bell is a census-designated place (CDP) in Whitpain Township in Montgomery County, Pennsylvania, in the United States. As of the 2000 census, its population was 6,395. . The 94%-leased property was acquired from PH Sentry Associates, an affiliate of Progress Financial Corporation (Nasdaq: PFNC), for $10.2 million. Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "This acquisition is another demonstration of our continuing commitment to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. proceeds from non-core asset sales to enhance our position in strong and vibrant markets in the Northeast, such as suburban Philadelphia." With the acquisition of 4 Sentry Parkway, Mack-Cali owns five buildings totaling nearly 382,000 square feet in the Sentry Park office campus and 17 buildings totaling 1.9 million square feet in suburban Philadelphia. Smith Mack & Co., Inc. represented the seller in the transaction. |
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