Mack-Cali grows in Garden State

Mack-Cali Realty Corp. acquired a class A office building totaling approximately 74,000 square feet in Moorestown, N.J.

The value of the transaction was $8.7 million.

The property is located at 232 Strawbridge Drive within the Moorestown Corporate Center.

Matrix/AEW Moorestown LLC, an affiliate of the Matrix Development Group, sold the property.

At the time of sale, 232 Strawbridge Drive was approximately 70 percent leased to Lockheed Martin Corp.

With the acquisition of the property, Mack-Cali now owns all three office buildings in Moorestown Corporate Center, totaling 222,000 square feet.

Cushman & Wakefield represented the seller in the transaction.

Mack-Cali Realty Corp. is a self-managed real estate investment trust.

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