REIT unloads Nebraska office building

Mack-Cali Realty Corp. sells 318,224 square feet
Published on Feb 7, 2005

Mack-Cali Realty Corp. sold a 318,224-square-foot office building in Omaha, Neb., in a deal valued at approximately $8.7 million in cash, the company reported today.   The Brandeis building was 13 percent leased at the time of sale.   The buyer was Brandeis Lofts LLC, an entity created by Hampton Development Services. The new owner plans to convert the building to mixed-use retail and residential condominiums.    Mack-Cali acquired the building in May 2004 through a deed in lieu of foreclosure in satisfaction of a mortgage the Company held on the property.   Allan Murow of Grubb & Ellis/Pacific Realty represented Mack-Cali in the transaction.   Mack-Cali Realty Corp. is a real estate investment trust providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. The REIT owns or has interests in 272 properties, primarily office and office/flex buildings located in the Northeast, total...

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