Mack-Cali Sells CT Property for $17M

SHELTON, CT-A partnership of the New York City-based Praedium Group LLC and Abbey Road Advisors LLC of Westport has purchased 1000 Bridgeport Ave. here for $17 million. The venture acquired the 133,000-sf office building from Edison, NJ-based REIT Mack-Cali Realty Corp.

At the time of the sale the building was 93.1% leased, Mack-Cali officials say. Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz of Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller.

“As we’ve been seeking and executing on strategic growth opportunities in selected markets, we have been looking to reduce our exposure in non-core markets and submarkets,” Mitchell Hersh, Mack-Cali president and CEO, says of the deal. “While 1000 Bridgeport Ave. is an attractive property, it has been our sole asset in the Shelton/Stratford submarket. Accordingly, we are pleased to be able to complete this transaction so that we can redeploy the proceeds elsewhere.”

Mack-Cali still has office holdings in Stamford, Greenwich and Norwalk in eight properties totaling approximately 720,000 sf.

According to its website, predecessor firm Cali Cos. acquired the property from an affiliate of the Davis Cos. in August 1997 for $15.5 million. In 1997, Cali merged with the Mack Co. and Patriot American Office Group to become Mack-Cali Realty Corp.

As for the new ownership, Mark Keeney, partner at Abbey Road Advisors LLC, says, “We are quite pleased to acquire this institutional asset in a market that continues to see growth as tenants migrate east from the more expensive lower Fairfield county submarkets. We are also pleased to team up with the Praedium Group LLC on this asset and look forward to working with the existing tenants and new tenants during our ownership.”