Mack-Cali continues northern push.BOSTON, MA: Mack-Cali Realty Corporation announced that, in a joint venture with JPMorgan Chase's Special Situation Property Fund and Gale International, it has acquired a stake in a seven-building class A office and office/r&d portfolio in the Boston suburbs. The properties, totaling 666,697 s/f were purchased for $53.6 million. The investment is Mack-Cali's first in the Boston market Boston Market (known before 1995 as Boston Chicken), headquartered in Golden, Colorado, is a chain of American fast-food restaurants. Founded in December 1985 in Newton, Massachusetts, the chain grew rapidly in the early and mid-1990s, filed bankruptcy in the late 1990s, and , extending its presence northward north·ward adv. & adj. Toward, to, or in the north. n. A northern direction, point, or region. north . The company already is a major office property owner in the Washington, D.C. to Connecticut corridor, with a dominant presence in its home state of New Jersey. The properties are located in Andover, Bedford and Billerica, Massachusetts Billerica (IPA: [bɪl.'ɹɪ.kə]) is a town in Middlesex County, Massachusetts, United States. The population was 38,981 at the 2000 census. Its name is pronounced "bill-RICK-a", rather than rhyming with America. , in the Route 495 North submarket of Greater Boston Greater Boston is the area of the Commonwealth of Massachusetts surrounding the city of Boston, Massachusetts. While Metro Boston tends to be the "Inner Core" surrounding the City of Boston, Greater Boston overlaps the North and South Shores, as well as the MetroWest region. , and are 58.8 percent leased to eight tenants. Tenants include Alliance Imaging, CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. , Eastman Kodak, GN NetTest, Navisite, Aastra Telecom, and EM4. The Special Situation Property Fund owns 70 percent of the venture, with an entity of Mack-Cali and Gale International owning 30 percent. Of the Mack-Cali/Gale International entity, Mack-Cali owns 83.3%. The joint venture agreement includes a promoted structure allowing for the Mack-Cali and Gale International entity to achieve a 50% interest based on IRR IRR In currencies, this is the abbreviation for the Iranian Rial. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. thresholds. Mack-Cali and Gale International will provide management, leasing and construction services for the portfolio and will receive all fees associated with those services. Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, "This transaction is a significant step forward for MackCali. It extends our Northeast presence into the Boston area, an office market with considerable value-add potential. The investment was facilitated by the industry relationships obtained through our recent acquisition of The Gale Real Estate Services Company, a former affiliate of Gale International." |
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