Mack-Cali Realty Corporation (NYSE: CLI) has agreed to sell its entire Denver and Colorado Springs-area land and property portfolio for $195.3 million. The portfolio, which consists of 19 office buildings with roughly 1.4 million sq. ft., plus 7.1 acres of vacant land and 1.6 acres of land dedicated to a parking facility, is being sold to Westcore Properties. Westcore is a private commercial real estate firm based in San Diego. The transaction is expected to close near the end of the third quarter.
“With this transaction, we are executing our strategic plan to realign our property portfolio and focus more on growth opportunities in our core Northeast markets," says Mitchell Hersh, Mack-Cali president and chief executive officer.
"With our recent success in leasing up this portfolio to 96 percent, and along with the positive trends we've been seeing in the Denver office market overall, we determined that the time was right for this sale.”