divesting Archives - VALUEXPRESS - Commercial Mortgage Loans https://www.valuexpress.com/tag/divesting/ Fri, 27 Dec 2019 16:01:28 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 12.19.19: MACK-CALI DIVESTING SUBURBAN OFFICE HOLDINGS https://www.valuexpress.com/12-19-19-mack-cali-divesting-suburban-office-holdings/ Fri, 27 Dec 2019 16:01:28 +0000 https://www.valuexpress.com/?p=3396 On December 19, 2019, Mack-Cali Realty Corporation (NYSE: CLI) announced that it will be divesting all of its suburban office holdings — spanning 6.6 million square feet — in 2020, as recommended by its shareholder committee. The company has already approved the sale of two of its N.J. office portfolios to Onyx Equities for $285.0 […]

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]]> On December 19, 2019, Mack-Cali Realty Corporation (NYSE: CLI) announced that it will be divesting all of its suburban office holdings — spanning 6.6 million square feet — in 2020, as recommended by its shareholder committee. The company has already approved the sale of two of its N.J. office portfolios to Onyx Equities for $285.0 million in cash and $3.5 million in assumed leases. The divestiture comes after the company exited the flex-warehouse business with the disposition of its remaining 56-building flex portfolio in the second quarter of 2019. It sold its 3.1-million-square-foot office/flex portfolio for $487.5 million.

Mack-Cali expects to complete the sale of its entire suburban office portfolio in 2020. After the completion of the suburban portfolio sale, Mack-Cali’s entire holdings will consist of its waterfront class A office portfolio of approximately 5 million square feet and its Roseland, N.J. multifamily operations.

Mack-Cali purchased Roseland Property Company in 2012. At the time, Roseland’s interest in multi-family residential property in New Jersey included six fully operational multi-family apartments as well as several luxury residential properties in the process of being developed.

Since then, Roseland has completed luxury residential developments alongside the Hudson River waterfront, including the $120-million RiverTrace waterfront tower at Port Imperial that was completed in October 2013. Roseland has interests in 6 operating multi-family properties totaling 1,769 apartment homes and 9 multi-family communities totaling 2,149 apartment homes in addition to ancillary commercial, retail and parking facilities.

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