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Mack-Cali Realty Corp. sells NJ asset for $66M

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Mack-Cali Realty Corp. sells NJ asset for $66M

Mack-Cali Realty Corp. sold a 13-building industrial park in Totowa, N.J., for $65.5 million to Heritage Capital Group Inc., REBusiness Online reported.

The property, Totowa Commerce Center, totals 508,028 square feet of flex and industrial space and is 90% occupied by about 48 tenants.

Cushman & Wakefield negotiated the sale and helped arrange $51.7 million of 10-year, fixed-rate acquisition financing for the buyer from Natixis Real Estate Capital.