Mack-Cali Sells New Jersey Property
05/12/2005 Category: Dispositions
Cranford, New Jersey—May 12, 2005—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has sold 201 Willowbrook Boulevard, a 178,329 square-foot office building in Wayne, New Jersey.
The building, which is 56% leased, was sold for $18,265,000 to an entity controlled by Khubani Enterprises, a private investor. In conjunction with the sale, Mack-Cali provided a $12 million, 5.74% purchase money mortgage with an initial term of five years.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "The sale of this asset allows us to redeploy the proceeds into more strategic acquisitions of higher-quality class A properties in submarkets where we have greater depth."
Charles Laginestra of CB Richard Ellis represented the buyer in the transaction.
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 269 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.