Mack-Cali Realty Corp. sold a six-building industrial park in Westchester County, N.Y., to transportation logistics facility company Realterm Logistics for about $70.3 million.
The Elmsford Distribution Center contains more than 386,000 square feet of warehouse and distribution space. The sale is part of the office and multifamily real estate investment trust's initiative to exit the flex-warehouse business as it focuses on the overhaul of its Jersey City, N.J., office properties and multifamily development on the waterfront.
The REIT is carrying out a $75 million multi-phase improvement program for its Harborside office and retail portfolio in Jersey City and recently finished a $50 million capital improvement project for its transit-oriented suburban office assets.
HFF represented Mack-Cali on the industrial park sale.