Mack-Cali to Sell New Jersey Office Building for $82.7 Million
06/05/2000 Category: Dispositions
Morris County Property Built for Fortune 100 Company in 1986
Cranford, New Jersey--June 5, 2000--Mack-Cali Realty Corporation (NYSE: CLI) today announced it has agreed to sell Kemble Plaza II, a 475,100 square-foot class A headquarters office building located at 412 Mt. Kemble Avenue in Morris Township, New Jersey, for $82.7 million.
The property is part of Kemble Plaza, a two-building office complex totaling 862,100 square feet constructed as a corporate build-to-suit for a Fortune 100 company in 1981 and 1986 respectively. Both buildings are fully occupied as part of a corporate headquarters location.
The disposition of Kemble Plaza II, which is being sold at a 7.9% cap rate, is expected to be completed by mid-June.
Mitchell E. Hersh, chief executive officer, commented, "This transaction will enable us to create significant value for our shareholders by redeploying the proceeds in new investments in our core Northeast markets."
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 266 properties, primarily office and office/flex buildings, totaling approximately 28.6 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.