Mack-Cali Announces Dispositions and Acquisitions
12/30/1999 Category: Acquisitions
CRANFORD, NJ--December 30, 1999--Mack-Cali Realty Corporation (NYSE:CLI) today announced several disposition and acquisition transactions.
The Company sold 400 Alexander Park, a 70,500 square-foot office building in Princeton, New Jersey, for $9.1 million. The Company had purchased the then-vacant property in 1995 for $4.2 million and signed a 15-year lease for the entire building with Berlitz International, Inc.
Mack-Cali also sold Beardsley Corporate Center, a 119,300 square-foot office property in Phoenix, Arizona, for $8.9 million. Proceeds of the sale were used in part to acquire three office/flex buildings totaling over 138,000 square feet in Moorestown, New Jersey, for $7.8 million. The properties--2 Commerce Drive, 102 Commerce Drive and 102-202 Commerce Drive--are located in Moorestown Office Park, bringing Mack-Cali's holdings in the park to 18 buildings totaling 814,600 square feet.
In a separate transaction, Mack-Cali sold a 55% interest in five buildings located at Mack-Cali Business Campus and one building at Morris County Financial Center, both in Parsippany, New Jersey, for $83.6 million. The buildings are located at 2 Hilton Court, 2 Dryden Way, 7 and 8 Campus Drive, and 5 and 7 Sylvan Way.
"Mack-Cali made these transactions as part of our ongoing efforts to actively manage our portfolio with an eye on maximizing value to our shareholders," commented Mitchell E. Hersh, chief executive officer.
Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 257 properties, primarily office and office/flex buildings, totaling approximately 28.3 million square feet located in 12 states and the District of Columbia. The properties, which are primarily located in the Northeast, enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,400 tenants.
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 consitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectatioins 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 infromation 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.