Mack-Cali Sells Multi-Family Residential Complex for $20 Million
06/26/2001 Category: Dispositions
Cranford, New Jersey—June 26, 2001—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has sold its Tenby Chase multi-family residential complex in Delran, New Jersey, for $20 million. The 327-unit complex was sold to Tenby Chase Investors LLC, an affiliate of Pantzer Properties, Inc.
Tenby Chase, which was one of two multi-family residential properties owned by Mack-Cali, was developed by the Company in the 1970s.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "While this asset has provided solid operating returns and growth in value over several decades, we determined it did not fit with our portfolio strategy going forward and sold it to capitalize on the current favorable climate for residential properties. The proceeds will be redeployed into office properties in the Northeast and Mid-Atlantic regions, where we will continue to build on our dominant presence in the office sector."
Joseph Verdejo of Insignia/ESG represented Mack-Cali in the transaction.
Pantzer Properties, Inc., headquartered in Saddle Brook, New Jersey, owns and manages over 7,000 apartments in the Mid-Atlantic region.
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 270 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.8 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, current reports on Form 8-K, and annual reports on Form 10-K.