Workplace and multi-family property developer Mack-Cali Realty Company (CLI) lately introduced the sale of River Centre, an workplace portfolio in Pink Financial institution, New Jersey, to First Mile Properties. The corporate intends to make use of the proceeds from the sale to repay its time period mortgage.
The Class A workplace advanced, which spans about 639,490 sq. ft, was offered for a consideration of $84 million. The portfolio contains six buildings and is 66% leased.
CEO of Mack-Cali Mahbod Nia mentioned, “The sale of River Centre marks one other essential milestone and takes us one step nearer to efficiently finishing the disposition of our suburban workplace portfolio. We stay centered on concluding the remaining asset gross sales to satisfy our targets of streamlining the enterprise, strengthening our stability sheet and creating worth for our shareholders.” (See Mack-Cali inventory evaluation on TipRanks)
Lately, BofA Securities analyst James Feldman reiterated a Promote score on the inventory with a value goal of $15.5 (13.1% draw back potential).
The inventory has a Reasonable Promote consensus score based mostly on 2 Holds and 1 Promote. The common analyst Mack-Cali Realty Company value goal of $15.17 implies 14.97% draw back potential from present ranges. Shares have gained 10% over the previous 12 months.
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