Mack-Cali to repay debt with proceeds of $254 million Metropark portfolio sale

By Rebecca Melvin

Concord, N.H., March 30 – Mack-Cali Realty Corp. plans to pay down unsecured corporate debt with proceeds of a $254 million sale of portfolio assets, according to a company news release.

The debt will be repaid during the second quarter.

The Jersey City, N.J.-based real estate investment trust, which operates waterfront and transit-based office and luxury multi-family assets, announced it is selling its Metropark portfolio to Opal Holdings.

Sale of the assets, located in Edison and Iselin, N.J., is part of the REIT’s strategy to divest non-core suburban office assets, Mack-Cali chief executive Mahbod Nia said in the release.

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