Office and multi-family property developer Mack-Cali Realty Corporation (CLI) recently announced the sale of River Centre, an office portfolio in Red Bank, New Jersey, to First Mile Properties. The company intends to use the proceeds from the sale to repay its term loan.
The Class A office complex, which spans about 639,490 square feet, was sold for a consideration of $84 million. The portfolio comprises six buildings and is 66% leased.
CEO of Mack-Cali Mahbod Nia said, “The sale of River Centre marks another important milestone and takes us one step closer to successfully completing the disposition of our suburban office portfolio. We remain focused on concluding the remaining asset sales to meet our objectives of streamlining the business, strengthening our balance sheet and creating value for our shareholders.” (See Mack-Cali stock analysis on TipRanks)
Recently, BofA Securities analyst James Feldman reiterated a Sell rating on the stock with a price target of $15.5 (13.1% downside potential).
The stock has a Moderate Sell consensus rating based on 2 Holds and 1 Sell. The average analyst Mack-Cali Realty Corporation price target of $15.17 implies 14.97% downside potential from current levels. Shares have gained 10% over the past year.
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