Mack-Cali Announces $160 Million Sale of 10-Building Office Portfolio in Morris County, New Jersey

Rhea-AI Summary

Mack-Cali Realty Corporation (NYSE:CLI) announced the sale of a 10-building commercial portfolio in Morris County, NJ, for approximately $160 million. The portfolio spans 1.5 million square feet and includes properties in Parsippany and Madison, NJ. This divestiture aligns with the company's strategic focus on waterfront assets in Hudson County. The sale follows a prior transaction in July 2020, where Mack-Cali sold another property for $7.8 million. Interim CEO MaryAnne Gilmartin emphasized the importance of divesting non-core assets to enhance long-term shareholder value.

Positive

• Successful sale of a 10-building portfolio for approximately $160 million, enhancing cash flow.
• Strategic focus on waterfront assets in Hudson County indicates a clear business direction.
• Previous divestiture of a property for $7.8 million shows ongoing asset management and simplification.

Negative

• None.

JERSEY CITY, N.J., Sept. 17, 2020 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE:CLI) today announced the strategic sale of a 10-building, 1.5 million-square-foot commercial portfolio in Morris County, NJ to a joint venture group, including Onyx Equities, Taconic Capital Advisors, L.P., Axonic Capital LLC, and Machine Investment Group for approximately $160 million. The portfolio includes nine buildings located in Parsippany, NJ and a building in Madison, NJ.

"This transaction is exemplary of Mack-Cali's broader strategic vision moving forward," said MaryAnne Gilmartin, Interim Chief Executive Officer of Mack-Cali. "As we look to focus on our waterfront assets in Hudson County, we will continue to divest of non-core assets in the suburban office markets and build long-term value for our shareholders."

In July 2020, Mack-Cali appointed MaryAnne Gilmartin as Interim CEO to help secure a permanent CEO and develop and implement a strategic plan that will ensure the ongoing success of the Company. This sale follows Mack-Cali's earlier disposition of 3 Giralda Farms in Madison, NJ for $7.8 million in July.

"This transaction was a tremendous team effort and its execution is a testament to the collaboration between both sides of the deal to navigate the unique obstacles presented by the pandemic," explained Ricardo Cardoso, EVP and Chief Investment Officer of Mack-Cali.

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 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:
Jeremy Soffin
mack-cali@berlinrosen.com 
(646) 200-5318

 

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SOURCE Mack-Cali Realty Corporation

FAQ

What was the sale price of Mack-Cali's commercial portfolio in Morris County?

Mack-Cali sold the commercial portfolio for approximately $160 million.

How many buildings were included in the Morris County sale by Mack-Cali?

The sale included a total of 10 buildings.

What is the significance of the sale for Mack-Cali Realty Corporation?

The sale aligns with Mack-Cali's strategic focus on waterfront assets and aims to enhance long-term value for shareholders.

Where are the properties from the sold portfolio located?

The properties are located in Parsippany and Madison, New Jersey.

What previous sale did Mack-Cali complete before the Morris County portfolio sale?

Before the Morris County sale, Mack-Cali sold a property for $7.8 million in July 2020.