JERSEY CITY, N.J., June 14, 2021 /PRNewswire/ -- Mack-Cali
Realty Corporation (NYSE: CLI) today announces the $84 million sale of River Centre, a 639,490
square foot office portfolio in Red Bank,
New Jersey to First Mile Properties, the suburban affiliate
of Crown Acquisitions of New York.
River Centre is Mack-Cali's last
suburban office portfolio, and its sale is another significant step
in the company's pursuit of simplification. The proceeds will be
used towards repayment of the Company's term loan.
The Class A office complex is comprised of six buildings, one of
which was recently renovated into dedicated amenity space complete
with a state-of-the-art fitness center, a tenant lounge, café and
outdoor area. The portfolio is currently 66% leased.
"The sale of River Centre marks another important milestone and
takes us one step closer to successfully completing the disposition
of our suburban office portfolio," said Mahbod Nia, Chief Executive Officer of
Mack-Cali. "We remain focused on
concluding the remaining asset sales to meet our objectives of
streamlining the business, strengthening our balance sheet and
creating value for our shareholders."
"The disposition of the Red
Bank portfolio is further evidence of our team's hard work
and dedication to our suburban office sales strategy following our
strong sales of Short Hills and
Metropark, respectively," added Ricardo Cardoso, Executive
Vice President and Chief Investment Officer of Mack-Cali. "We are thrilled to build upon the
positive momentum of our recent dispositions and complete our exit
from the suburban office market in the near-term."
Cushman & Wakefield's Capital Markets team arranged the
transaction. "Our team previously sold nearly forty percent of the
River Centre properties to Mack-Cali, who did a fantastic job in updating
select common areas throughout the portfolio, in addition to
creating a fully-dedicated amenity building to serve the campus.
River Centre represents nearly half of all of the office inventory
with a Red Bank address and future
ownership has the opportunity to control a majority of the local
market and continue to reposition the portfolio via additional
capital investments and leasing strategies," said Andy Merin, who led the assignment alongside
David Bernhaut, Gary Gabriel, Frank
DiTommaso and Seth Zuidema.
The sales team was supported by local leasing experts Kevin Carton and Todd
Elfand. In addition, Cushman & Wakefield's Equity, Debt
& Structured Finance team of John
Alascio, Alex Hernandez,
Chuck Kohaut and TJ Sullivan
arranged the acquisition financing on behalf of the purchaser,
First Mile Properties.
The sale of the Red Bank office
portfolio follows Mack-Cali's
successful $255 million sale of its
Short Hills, New Jersey office
portfolio in April and the $254
million sale of its Metropark portfolio in March.
About Mack-Cali Realty Corporation
One of the
country's leading real estate investment trusts (REITs), Mack-Cali
Realty Corporation is an owner, manager and developer of premier
office and multifamily properties in select waterfront and
transit-oriented markets throughout New
Jersey. Mack-Cali is
headquartered in Jersey City, New
Jersey, and is the visionary behind the city's flourishing
waterfront, where the company is leading development, improvement,
and place-making initiatives for Harborside, a master-planned
destination comprised of class A office, luxury apartments, diverse
retail and restaurants, and public spaces.
A fully integrated and self-managed company, Mack-Cali has provided world-class management,
leasing, and development services throughout New Jersey and the surrounding region for over
two decades. By regularly investing in its properties and
innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants
and residents to reimagine the way they work and live.
For more information on Mack-Cali Realty Corporation and its
properties, visit https://www.mack-cali.com/.
Forward-Looking Statements
Statements made in this
communication 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," "potential," "projected," "should,"
"expect," "anticipate," "estimate," "target," "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 Report 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, except as required under applicable
law.
Media Contact:
Amanda
Klein/Grace Cartwright
Gasthalter & Co.
212-257-4170
Mack-Cali@gasthalter.com
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SOURCE Mack-Cali Realty Corporation