Mack-Cali Acquires New Jersey Office Complex
07/13/2005 Category: Acquisitions
Monmouth County Complex Acquired for $32,775,000
Cranford, New Jersey—July 13, 2005—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has acquired Monmouth Executive Center, a four-building, 236,338 square-foot class A office complex in Freehold, New Jersey, for $32,775,000.
The complex, which is 75.8% leased to 15 tenants, was acquired from entities of an undisclosed seller. The buildings are located at 100 Willowbrook Road and 2, 3 and 4 Paragon Way.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "With this transaction, we leveraged our industry relationships to acquire this complex at an attractive price, while further increasing our presence in the vibrant Monmouth County submarket." With the acquisition of Monmouth Executive Center, Mack-Cali now owns 17 buildings totaling over 1.6 million square feet of space in Monmouth County.
The owner was represented by Steven Schultz of The Schultz Organization LLC.
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 currently owns or has interests in 271 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 30.2 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,100 tenants.
Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the headings "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.