Mack-Cali buys 63,930 SF class A office building.
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 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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|Title Annotation:||Mack-Cali Realty Corporation acquires building from PH Sentry Associates|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Sep 24, 2003|
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