Mack-Cali Sells Two Office Buildings in Southern New Jersey
07/16/2007 Category: Dispositions
Edison, New Jersey—July 16, 2007—Mack-Cali Realty Corporation (NYSE: CLI) today announced that it has sold two office buildings in Egg Harbor Township, New Jersey, for approximately $12.5 million. The buildings, which total 80,344 square feet, were sold to an entity controlled by Ron DePietro of Haddonfield, N.J.
Located at 100 and 200 Decadon Drive, the buildings are 100% leased to Computer Sciences Corporation.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, "As these buildings were our only assets in Atlantic County, this sale allows us to capitalize on the current favorable investment sales climate and exit a non-core market. We look forward to redeploying the proceeds into more strategic growth opportunities."
Joseph Sklencar, Sr. and Joseph Sklencar, Jr. of Grubb & Ellis represented the buyer in the transaction. Mack-Cali was represented in-house by John Adderly, vice president of leasing, and David Carlick, director of acquisitions.
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 300 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 34.7 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,200 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," "plan," "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 heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.