Mack-Cali Realty Corp. has sold River Centre, a 639,490-square-foot office portfolio in Red Bank, N.J., to First Mile Properties, the suburban affiliate of Crown Acquisitions of New York, for $84 million.
River Centre is Mack-Cali's last suburban office portfolio, and its sale is another significant step in the company's pursuit of simplification. The proceeds will be used toward repayment of the company's term loan.
The class A office complex comprises six buildings, one of which was recently renovated into dedicated amenity space complete with a state-of-the-art fitness center, tenant lounge, café and outdoor area. The portfolio is currently 66 percent leased.
"The sale of River Centre marks another important milestone and takes us one step closer to successfully completing the disposition of our suburban office portfolio," said Mahbod Nia, CEO of Mack-Cali. "We remain focused on concluding the remaining asset sales to meet our objectives of streamlining the
