Mack-Cali, Highridge unload $143 million property

Retail, office space comprise deal

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A joint venture between Mack-Cali Realty Corp. and Highridge Partners sold Pacific Plaza, a mixed-use development in Daly City, Calif. The value of the transaction was $143 million. RREEF America LLC purchased the property. The property was developed by the joint venture in two phases. Pacific Plaza I, a complex consisting of 369,480 square feet of office and retail space, plus a 925-car parking garage, was completed in 2001. Pacific Plaza II, completed in 2002, consists of a 20-screen cinema, approximately 22,740 square feet of retail space, and an 820-car parking garage. The joint venture maintains control over an option on 2.5 acres of developable land at the site. Mack-Cali Realty Corp. is a fully integrated, self-administered, self-managed real estate investment trust. *** What's your opinion? Send your Letter to the Editor to