By Joshua Burd
Mack-Cali Realty Corp. has sold another Parsippany office building, this time for nearly $13 million, as it continues its exit from New Jersey’s suburban markets.
The Jersey City-based company announced Monday its disposition of 7 Campus Drive, which measures 154,820 square feet and sits about a mile from Interstate 287. The Birch Group purchased the building for $12.75 million.
“We have been deliberate and diligent in following through on our strategic suburban disposition strategy and this is yet another example of the team’s continued work,” said MaryAnne Gilmartin, Mack-Cali’s board chair and interim CEO. “Divesting non-core assets will enable us to refocus on our key priorities, namely the repositioning of our Harborside office campus and paying down corporate debt.”
This sale brings the real estate investment trust’s year-to-date suburban office dispositions to $270.35 million in total value, according to a news release. Earlier this year, it completed the sale of a 10-building, 1.5 million-square-foot portfolio in Parsippany and Madison to a joint venture of Onyx Equities, Taconic Capital Advisors LP, Axonic Capital LLC and Machine Investment Group.
“We have buyer activity on every piece of our suburban portfolio and expect to continue to execute additional sales in the coming months,” said Ricardo Cardoso, executive vice president and chief investment officer of Mack-Cali.
