Mack-Cali Realty Corporation Acquires Property in Moorestown West Corporate Center in Southern New Jersey
07/15/1998 Category: Acquisitions
Company holdings in Burlington County now total 20 properties and nearly a million square feet
CRANFORD, NJ--July 15, 1998--Mack-Cali Realty Corporation (NYSE:CLI) today announced that it has acquired an office/flex building for $3.7 million as part of its original agreement with McGarvey Development Company.
The acquired property is an 88,000 square foot office/flex building which is 100% occupied by T&N Van Lines under a 10-year triple-net lease, located in Moorestown West Corporate Center in Moorestown, Burlington County, New Jersey. This brings the Company's office and office/flex holdings in Burlington County to a total of 20 properties and nearly a million square feet.
The original contract with McGarvey also includes an agreement to acquire four additional existing office/flex properties and an option to purchase up to six additional office/flex properties upon completion of development and lease-up by the seller.
Mack-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. With the completion of pending transactions, Mack-Cali will own or have interests in 249 properties, primarily office and office/flex buildings, totaling approximately 27.4 million square feet, serving over 2,300 tenants in 12 states and the District of Columbia.
Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to different materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q on Form 8-K, and annual reports on Form 10-L.