The 1.2 million-square-foot portfolio includes 24 buildings in Moorestown and two buildings in Burlington Township that are 91 percent leased overall. — Courtesy: HFF
By Joshua Burd
Mack-Cali Realty Corp. has sold a 1.2 million-square-foot office and flex portfolio in Burlington County, according to brokers with HFF who marketed the buildings.
The capital markets brokerage identified the buyer as Brennan Investment Group, a private real estate investment firm based in Chicago. With its new acquisition, the firm has added 26 office and flex buildings in Moorestown and Burlington Township, as Mack-Cali continues to reduce its footprint and focus on high-rent submarkets in northern New Jersey.
HFF represented the Jersey City-based real estate investment trust. Terms were not disclosed, but the brokerage said the buyer acquired the portfolio free and clear of any mortgage financing.
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.
“This portfolio had a significant amount of interest give its size and the potential upside,” Cruz said.
The portfolio includes 24 buildings in Moorestown and two buildings in Burlington Township that are 91 percent leased overall, HFF said. Tenants include businesses in health care services, pharmaceutical and clinical packaging and medical supplies.
RELATED: See the full list of buildings in the 1.2 million-square-foot Burlington County portfolio
The properties sit within two well-located business parks near the Pennsylvania border, with access to thoroughfares such as interstates 295, 195, 95 and 276, along with routes 130, 206, 70 and 38. HFF also touted the portfolio’s location within 20 miles of Philadelphia International Airport and within 10 miles of the Philadelphia Regional Port.
HFF described Brennan Investment Group as a firm that acquires, develops and operates industrial properties in select major metropolitan markets throughout the country. Since 2010, the firm has acquired more than $3 billion in industrial real estate, amassing a portfolio that now spans 25 states and encompasses more than 33 million square feet.
