Mack-Cali Sells Office Building in Amarillo, Texas
04/26/2000 Category: Dispositions
--Company Exiting Non-Core Market--
Cranford, New Jersey - April 26, 2000--Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed the sale of Atrium at Coulter Ridge, a 71,771 square-foot office building in Amarillo, Texas.
The building, which is 79% occupied and was the Company's only asset in the Amarillo market, was sold to an affiliate of Ventura, California-based F&A Realty Advisors. Proceeds from the $1.6 million sale will be used for other investments.
Mitchell E. Hersh, chief executive officer of Mack-Cali Realty Corporation, commented, "The Atrium at Coulter Ridge is a non-strategic asset in a market that is inconsistent with our strategy of growing our presence in high-barrier-to-entry markets. We are pleased to be able to divest this property and redeploy the proceeds of the sale into more strategic growth opportunities."
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 264 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 http://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.