Mack-Cali Sells Two Net-Leased Office Buildings in NJ

HAMILTON, NJ—Mack Cali Realty Corp. has completed its disposition of assets here with the sale of the 100% triple-net-leased 600 and 700 Horizon Drive office buildings here.

Mack-Cali sold the 600 Horizon Drive office building, which totals 95,000 square feet, to a private investor. The single-story office building that was built-to-suit as a call center in 2002 is leased to Verizon Communications.

The Jersey City, NJ-based REIT also sold 700 Horizon Drive to VEREIT of Phoenix. The 120,000-square-foot building that boasts similar amenities as 600 Horizon Drive, including advance fiber-optics, is leased to AAA.

No financial terms of both transactions were released. NKF Capital Markets executive managing directors Steven Schultz, Kevin Welsh and, as leasing expert, Steve Tolkach, as well as managing directors Tony Georgiev and Brian Schulz represented Mack-Cali in the deals.

“600 and 700 Horizon Center Drive are located within the Horizon Center Business Park, one of the leading multi-purpose office campuses in the area. Its prominent location right off Route 130 provides convenient access to regional thoroughfares and the greater Princeton market area,” says NKF’s Schultz. “We’re pleased with the results, as we concluded Mack-Cali’s disposition strategy in this area.”

Back in April, Mack-Cali sold The Horizon Center, a 236,284-square-foot, six-building and two development site portfolio in Hamilton, NJ to Denholtz Associates.

The NKF Capital Markets team also brokered that transaction as well.

At the time of the sale, The Horizon Center, was 86% leased to 18 tenants. The properties included in the portfolio were: 2 South Gold Drive, 100 Horizon Drive, 200 Horizon Drive, 300 Horizon Drive, 500 Horizon Drive, and 3 AAA Drive, a two-story office building; as well as the two additional land sites at 5 and 6 AAA Drive with more than 12-acres combined and prime development potential.