Tuesday, November 30, 2021 Sign in / Join About ROI-NJ Home Sectors ROI Influencers Multimedia Sponsored Content Digital Edition Home Real Estate Mack-Cali sells Red Bank office complex for $84M Real Estate Mack-Cali sells Red Bank office complex for $84M ByEric Strauss(Red Bank) - June 14, 2021 River Centre, Red Bank. - Mack-Cali Realty Corp. ‹ › Mack-Cali Realty Corp. has continued its strategy of shedding its suburban office holdings, selling a Red Bank portfolio to First Mile Properties for $84 million, it announced Monday. Jersey City-based Mack-Cali said in a news release that the proceeds from River Centre, a 639,490-square-foot, Class A complex, will be used toward repayment of the company’s term loan. The property includes six buildings, one of which was recently renovated into dedicated amenity space. The complex is currently 66% 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,” CEO Mahbod Nia said in a prepared statement. “We remain focused on concluding the remaining asset sales to meet our objectives of streamlining the business, strengthening our balance sheet and creating value for our shareholders.” Cushman & Wakefield’s Capital Markets team arranged the transaction. The team was led by Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema, supported by Kevin Carton and Todd Elfand. C&W’s Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Chuck Kohaut and T.J. Sullivan arranged acquisition financing for First Mile. “Our team previously sold nearly 40% of the River Centre properties to Mack-Cali, who did a fantastic job in updating select common areas throughout the portfolio, in addition to creating a fully dedicated amenity building to serve the campus,” Merin said in a statement. “River Centre represents nearly half of all the office inventory with a Red Bank address, and future ownership has the opportunity to control a majority of the local market and continue to reposition the portfolio via additional capital investments and leasing strategies.” Mack-Cali also announced Monday that it has appointed Victor B. MacFarlane to its board of directors. MacFarlane, the chairman and CEO of real estate investment management and development firm MacFarlane Partners, has more than 40 years of real estate experience. He will serve on the Audit and Compensation committees. Previous article Newark corrugated box firm closing, with new company opening in Del. — 75+ could lose jobs, 20+ jobs could leave state Next article Inspira Health names former Saint Barnabas exec as chief HR officer Eric Strauss estrauss@roi-nj.com @acerimrat RELATED ARTICLESMORE FROM AUTHOR Real Estate Urby launches leasing for new phase of apartments in Harrison Real Estate KRE Group and Silverman expand offerings with Lehigh Valley community Real Estate Record-low Class A vacancy driving rents across Northeast industrial to record highs Real Estate Diversified Properties welcomes new CFO/COO Real Estate Hanson inks office space in Englewood Cliffs for real estate development firm relocation from Brooklyn Real Estate CBRE expands tri-state investment sales team LATEST ARTICLES Sanofi raises paid parental leave to 14 weeks to ensure workplace equality Health Care November 30, 2021 Bank of America awards $4.2M in grants to 75 nonprofits Finance November 30, 2021 NJBankers Foundation to award $50,000 to support veterans programs at N.J. universities Finance November 30, 2021 DAK Group arranges sale of Paterson-based paper company Industry November 30, 2021 Urby launches leasing for new phase of apartments in Harrison Real Estate November 30, 2021 DIGITAL EDITION Nov. 15, 2021, Edition of ROI-NJ Nov. 1, 2021, Edition of ROI-NJ Oct. 18, 2021, Edition of ROI-NJ Oct. 4, 2021, Edition of ROI-NJ Get a return on your information. Subscribe to our daily newsletters today! ADDITIONAL LINKS Subscribe Media Kit Report News Advertise Contact ROI-NJ FOLLOW US Copyright © 2020 ROINJ. All rights reserved Powered by Web Publisher PRO X ×