Mack-Cali Takes Beantown Stake

A joint venture buys seven buildings.
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Real estate investment trust

Mack-Cali Realty

(CLI) - Get Report

said it acquired a stake in some Boston-area properties for $53.6 million, in a joint venture with JPMorgan Chase's Special Situation Property Fund and Gale International.

The seven-building portfolio, totaling 666,697 square feet, is located in Andover, Bedford and Billerica, Mass. The investment is Mack-Cali's first in the Boston market, it said.

The fund owns 70% of the venture, with an entity of Mack-Cali and Gale International initially owning 30%.

Mack-Cali rose $1.18 Monday to $45.07.

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