Cali Realty Corporation Announces Acquisition of Two New Jersey Office Properties for $10.2 Million
07/23/1997 Category: Acquisitions
CRANFORD, NJ--July 23, 1997--Cali Realty Corporation (NYSE:CLI) today announced the acquisition of two class-A office properties in the Moorestown Corporate Center, Moorestown, New Jersey, for $10.2 million.
The properties, acquired from Metropolitan Life Insurance Company, are located at 224 and 228 Strawbridge Drive, in Moorestown, New Jersey. Cali will refurbish the common areas of the two vacant, 75,000 square-foot buildings.
The acquisition was financed from funds made available through one of the Company's credit facilities.
Commenting on the acquisition, Thomas A. Rizk, President and Chief Executive Officer, said, "The tightening real estate market in New Jersey creates an opportunity for us to refurbish and actively lease these properties, which represent the only available large blocks of space in this area. We purchased the buildings for a significant discount to replacement cost, and expect them to further add value to our portfolio."
The Moorestown Corporate Center is situated on 12.2 acres across from Strawbridge Lake, and is accessible to Routes 38, 70, 73, the New Jersey Turnpike and I-295.
Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. The Company owns 129 properties, primarily office and office/flex buildings, totaling approximately 11.9 million square feet. All of the properties are located in New Jersey, New York, Pennsylvania and Connecticut.