R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

Includes 12 office properties across northern NJ, NY & CT Keystone Property Group to purchase 2.3 million s/f tri-state area portfolio for $230.8m

ISSUE HIGHLIGHTS Volume 26 Issue 6 March 28 - April 10, 2014 PaƩerson-Woods/ CORFAC Int’l. sells office building

ALA CYNWYD, PA and EDISON, NJ — Keystone Property Group and Mack-Cali Re- alty Corporation announced that they have entered into agreements to form various joint ventures whereby Key- stone will purchase 12 office properties owned byMack-Cali throughout NNJ ,NY and CT. Pursuant to the agreements, the portfolio, which totals 2.3 million s/f, will be purchased for approximately $230.8 mil- lion, including $201.7 million in cash with the balance in the form of senior and subor- dinated equity. “This latest deal reflects our aggressive strategy to estab- lish a strong, regional presence by expanding our focus on the creation of differentiated, urban-inspired live-work-play destinations in the context of well-located suburban parks,” said Bill Glazer , president of Keystone Property Group. “The profound impact that technology is having on how today’s professionals work is drastically changing the com- mercial real estate require- ments of modern companies. B

s/f • Three buildings at 470, 400 and 530 Chestnut Ridge Rd. in Montvale, NJ, totaling 200,444 s/f • Soundview Plaza at 1266 East Main St. in Stamford, CT, totaling 179,610 s/f Through its partnership with Keystone, Mack-Cali will participate in management fees for the portfolio and a percentage of value creation above certain hurdle rates, and retain a senior pari-passu equity position at 570, 555 and 565 Taxter Rd. As part of the transaction, Mack-Cali and Keystone will jointly provide leasing representation for the portfolio. “This transaction is another step forward in our strategy to redeploy capital into our multi-family platform, while participating in the upside that will be created by the reposi- tioning of this portfolio,” said Mitchell Hersh , president and CEO of Mack-Cali. “We look forward to building on our partnership with Keystone and further strengthening our market position by drawing on the synergies of our collective expertise and relationships.”  tion. “We are thrilled to acquire such an exceptionally well- maintained class A facility that is well positioned to meet the rapidly expanding space needs of e-commerce, retailers, food-users and other distribu- tion users looking for clear heights north of 32’ in a mar- ket with no spec-built facilities able to accommodate these clear height requirements”, said Benjamin Cohen , presi- dent of Endurance. “We are confident that the facility’s highly unique attributes com- bined with its excellent loca- tion and immediate access to the strong York labor market will present us with numerous opportunities to stabilize the asset.” 

1266 East Main St. in Stamford, CT


Today’s workplaces need to foster these new and different ways of working in order for companies to remain competi- tive, which means transform- ing the business environment to put greater emphasis on lifestyle and shared, collab- orative spaces that appeal to a wide variety of professionals.” Added Glazer: “We continue to expand our relationship with Mack-Cali, leveraging the strengths of the partner- ship’s distinct capabilities to fill a void in the market for next generation work environments that enable tenants to attract and retain top talent.” The Tri-State office portfolio

that Keystone has entered into agreement to purchase comprises: • Two buildings at 555 and 565 Taxter Rd. in Taxter Corp. Pk. in Elmsford, NY, totaling 344,563 s/f • 570 Taxter Rd. in Elmsford NY, totaling 77,859 s/f • 200 and 220 White Plains Rd. in Talleyrand Office Pk. in Tarrytown, NY, totaling 175,749 s/f • 1717 Rte. 208 North in Fair- lawn, NJ, totaling 150,477 s/f • 30 Knightsbridge Rd. in Pis- cataway, NJ, totaling 686,316 s/f • 412 Mt. Kemble Rd. in Mor- ris Twp., NJ, totaling 477,843

Shopping Centers Featuring Retail Experts

David Binswanger and Michael Treacy of Binswanger represent seller EnduranceRealEstateGroupacquires624,800s/f warehouse/distribution facility totaling $26m+


YORK, PA — Endurance Real Estate Group, LLC , (Endurance) announced the acquisition of 325 S. Salem



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325 S. Salem Church Rd.

Church Rd., a 624,800 s/f class A bulk warehouse/distribu- tion facility situated in York. Endurance acquired the asset through a joint venture with a commingled fund managed by

American Realty Advisors . The seller, American Sig- nature Furniture was repre- sented by DavidBinswanger and Michael Treacy of Binswanger in the transac-


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