Mack-Cali Realty Corporation Confirms Intention to Sell Recently-Acquired Colorado Land Site
03/20/2001 Category: Dispositions
CRANFORD, NJ — March 20, 2001 — In response to recent investor inquiry, Mack-Cali Realty Corporation (NYSE: CLI) confirmed today its intention to sell its 7.1-acre land site in Littleton, Colorado. The Company acquired the land in January 2001 for approximately $2.5 million, pursuant to a commitment made in May 2000.
The land site, located in Littleton's Hilltop Business Center, is approved for the construction of a four-story 128,000 square-foot Class A office building.
Commenting on the Company's intentions, Mitchell E. Hersh, the Company's Chief Executive Officer, stated, "At the time we committed to this property, we planned to use this site to expand our presence in the Colorado market. However, in September 2000, we announced our decision to sell all of our assets in Colorado and exit the market as part of our capital recycling program. In order to protect the non-refundable deposit and other pre-development costs we incurred on the project during the contract period, we decided to complete the acquisition of the land parcel. Consistent with our focused Northeast strategy, we anticipate selling this site along with our other Colorado assets, which we plan to market for sale within the next twelve months."
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 267 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.5 million square feet. The properties 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 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 differ 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 operating costs may be greater than anticipated. For further 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, reports on Form 8-K, and annual reports on Form 10-K.