EDISON, NJ—A fund sponsored by KeystoneGroup has picked up 16 and 18 Sentry Park West commercial properties in Blue Bell, Pa. for approximately $19 million from Mack-Cali Realty Corp. Mack-Cali retains a carried passive economic interest in the two properties subject to future performance.
It’s Keystone Property Group’s second Mack-Cali property acquisition and follows the acquisition of Moorestown Corporate Center in Moorestown, N.J. in 2012.
The first property, 16 Sentry Park West, contains 93,093 sq. ft. of space spanning four stories, while the second property, 18 Sentry Park West, contains 95,010 sq. ft. and spans four floors.
“We look forward to redeploying the proceeds from the sale of these two assets into more strategic growth opportunities,” said Mitchell E. Hersh, president and CEO of Mack-Cali.