Mack-Cali Realty Corp. sold a portfolio comprised of 19 office buildings and vacant land in suburban Denver and Colorado Springs for nearly $194.3 million.
The portfolio, which totals approximately 1.4 million square feet, plus 7.1 acres of vacant land and 1.6 acres of land dedicated to a parking facility, was sold to privately held Westcore Properties LLC, based in San Diego.
“The sale of our Colorado portfolio represents a significant step in our strategic plan of exiting our noncore Western markets,” said Mitchell E. Hersh, Mack-Cali president and chief executive officer. “With the sale of our remaining San Francisco properties expected to close later this quarter, our exit of the Western markets will be complete. We look forward to reinvesting the proceeds from this sale into more strategic opportunities in our core Northeast markets.”
Mack-Cali Realty Corp. is a self-managed real estate investment trust.