REIT Sells Texas Office Building

Mack-Cali Realty Corp. has sold an office building in San Antonia, Texas, for $11 million. The 20-story, 248,000 sq. ft. Riverview Tower is 71.2% leased. The buyer was Partners Investors LLC. CB Richard Ellis represented Mack-Cali on the sale.

"The sale of this property is consistent with our program of selling assets in non-core markets that do not fit our strategic profile. We will continue to redeploy proceeds from asset sales into opportunities that enhance our position in our core Northeast and Mid-Atlantic markets," says Mitchell Hersh, CEO of Mack-Cali. The REIT owns or has interests in 264 properties located throughout the Northeast.

TAGS: News Office
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