Mack-Cali Sells San Antonio Property
11/15/2001 Category: Dispositions
Cranford, New Jersey-November 15, 2001--Mack-Cali Realty Corporation (NYSE: CLI) today announced it has sold Concord Plaza, a 248,700 square-foot class A office property in San Antonio, Texas, for $31.85 million. The sale includes 2.4 acres of adjacent land for future development. The Purchaser was Frost National Bank acting as trustee for the City Public Service of San Antonio Texas Employees Pension Trust.
The class A property also includes a 55,700 square-foot health club and 24,345 square feet of retail space.
Mitchell E. Hersh, chief executive officer of Mack-Cali, commented, "The sale of this asset is yet another demonstration of our commitment to divest our assets in Mack-Cali's non-core markets. We look forward to reinvesting these proceeds to further build on our strong Northeast presence."
A representative for the Pension Trust commented, "Concord Plaza is well recognized and stands out as one of the premier office buildings situated in the San Antonio market. With its unique attributes and location we view it as a valuable addition to our investment portfolio."
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 268 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 approximately 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.