Mack-Cali Realty Corp. sells Texas property for $22 million

SAN ANTONIO, Texas – Mack-Cali Realty Corp. has sold the 256,137 sq. ft. Tetco Towers for $21.9 million to Koontz/McCombs 2 Ltd. The 15-story property was 84.9% leased. Cranford, N.J.-based Mack-Cali was represented by Mark McAllister and Todd Mills of CB Richard Ellis in the transaction. Mack-Cali has decided to dispose of assets in non-strategic markets and strengthen its presence in the Northeast and Mid-Atlantic regions. The company intends to sell 4.9 million sq. ft. in Texas, Colorado and Arizona in the next two years.