A Morris Township property was sold for approximately $45.5 million to Keystone Property Group by the Mack-Cali Realty Corp, Keystone announced on Tuesday.
The two companies earlier this year entered into an agreement to form various joint ventures to acquire the property as part of a larger portfolio of office properties that Mack-Cali owns.
The property, located at 412 Mt. Kemble Ave., is a three-story, 475,000-square-foot office building.
Keystone plans to invest $5.9 million into the property for renovations.
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"412 Mt. Kemble Ave. fits ideally with our mission to invest thoughtfully and strategically in well-located assets that can be reinvigorated through reinvestment," Bill Glazer, president of Keystone, said in a news release. "The property offers high upside, with the opportunity to lease in the highly desirable corporate corridor in Morris County."
Mitchell E. Hersh, president and CEO of Mack-Cali, said, "We're excited to close on 412 Mt. Kemble, as we continue to invest in more strategic growth opportunities. We are confident that, through an aggressive leasing initiative, the partnership can effectively capitalize on this property's prime market position."
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