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Mack-Cali office property sold in $5.8 million deal

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Mack-Cali Realty Corp., of Edison, announced Monday it has sold an office building at 777 Passaic Ave., in Clifton, to a joint venture comprised of Gottesman Real Estate Partners and Mountain Development Corp.

According to the announcement, the property sold for approximately $5.8 million.
 
In a statement, Mack-Cali CEO and President Mitchell Hersh said the sale “will allow us to redeploy the proceeds into more strategic growth opportunities.” The five-story, approximately 77,000-square-foot building is approximately 65 percent occupied.

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