Mack-Cali sells $75M New Jersey industrial portfolio: HFF.
Mack-Cali has sold a 26-building, 1.2 million-square-foot office/flex portfolio in Moorestown and Burlington Townships, NJ, to Chicago-based Brennan Investment for $75 million, according to sources. Brennan is in the midst of an industrial splurge. Earlier this month, the firm closed on an $84 million, 20-building portfolio from Barnett Capital that has properties in and around Chicago. And in August it formed its fifth fund with Greenwich, CT-based Arch Street Capital Advisors to acquire, own and manage a industrial properties throughout the United States.
The new venture has already purchased nearly 900,000 s/f of industrial real estate in Dallas, Charlotte, and Green Bay. Over the past five years, Brennan and Arch Street have collectively acquired 77 properties comprising over 12 million square feet in the single-tenant, net lease sector.
Holliday Fenoglio Fowler brokered the sale of the 26-building, 1.2 million-square-foot Mack-Cali portfolio to Brennan, which purchased it free and clear of any mortgage financing.
The 26 buildings are 91 percent leased overall to tenants whose businesses include health care services, pharmaceutical/clinical packaging and medical supplies. The properties are situated within two of the area's top business parks near the Pennsylvania/New Jersey border.
The HFF investment sales team representing the seller included senior managing directors Jose Cruz and Doug Rodio and managing directors Brett Segal and Kevin O'Hearn.
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|Title Annotation:||SELLING POINTS|
|Comment:||Mack-Cali sells $75M New Jersey industrial portfolio: HFF.(SELLING POINTS)|
|Publication:||Real Estate Weekly|
|Article Type:||Brief article|
|Date:||Oct 18, 2017|
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