Keystone Property buys 3 office buildings from Mack-Cali for $19.9 million
The Bala Cynwyd real estate investment firm paid about $90 per square foot for the 222,258-square-foot Moorestown Corporate Center.
Keystone Property buys 3 office buildings from Mack-Cali for $19.9 million
Mike Armstrong, Inquirer Columnist
Keystone Property Group bought the three-building Moorestown Corporate Center from Mack-Cali Realty Corp., a publicly traded real estate investment trust, for $19.9 million.
Based on the price disclosed by Mack-Cali, Keystone paid about $90 per square foot for the office buildings at 224, 228 and 232 Strawbridge Drive in Moorestown. Both companies said the corporate center is 61 percent leased.
Bala Cynwyd-based Keystone said that Shaw Environmental, an engineering firm, occupies all 74,565 square feet of space in the building at 228 Strawbridge.
Mack-Cali, based in Edison, N.J., had put the properties up for sale in the spring and had paid $18.9 million to acquire them. It bought 224 and 228 Strawbridge from Metropolitan Life Insurance Co. for $10.2 million in 1997. The REIT acquired 232 Strawbridge from Matrix Development Co. for $8.7 million in 2004.
"The sale of these buildings continues our plan of recycling our capital out of non-core assets," said Mack-Cali chief executive Mitchell E. Hersh. Mack-Cali owns or has interests in 278 properties, including 272 office and office/flex properties with 31.7 million square feet of space in the Northeast.
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980.
Reach Mike at marmstrong@phillynews.com.
