Real Estate

Aspen-devli Jv Pays $26M For Mack-cali Office Building | Globest

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NEPTUNE, NJ—A joint venture of Aspen Real Estate of Freehold, NJ and Devli Real Estate of New York City has acquired the 100% leased 3600 Route 66 office building here from Mack-Cali Realty Corp. of Jersey City for $26 million. Safehold, a real estate investment trust specializing in ground leases, has acquired an existing ground lease at 425 Park Ave. for approximately $620 million. The loan replaces the previous $800 million loan that has a fixed rate of 4.3%, and was set to come due in October 2020.

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