Mack-Cali sells Montebello office property for $28.3 million

A large commercial office property at 400 Rella Blvd., Montebello sold for approximately $28.3 million, announces the seller Mack-Cali Realty Corporation.

It is the only asset the Edison, N.J.-based company held in Rockland County. Mack-Cali representatives declined to say who is the new property owner, and filled paperwork had not yet been submitted to the county clerk.

The building is a three-story, 195,375-square-foot office facility that  is 75.8 percent leased.  A major tenant is Provident Bank, which merged last year with Sterling Bancorp.  In 1995, Crossland Savings sold the building for $14.5 million to Cali Realty Corporation, according to public records.

Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented: “We look forward to redeploying the proceeds from the sale of this non-core asset into more strategic growth opportunities.”

Mack-Cali Realty Corporation is a real estate investment trust providing management, leasing, development, construction and other tenant-related services. It owns or has interests in 279 properties, consisting of 266 office and office/flex properties of about  31.5 million square feet and 13 multi-family rental properties with approximately 3,900 residential units, all  in the Northeast.