"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," says Mitchell E. Hersh, president and CEO of the Edison-based Mack-Cali. "We look forward to redeploying the proceeds into more strategic growth opportunities."
The sale involves 100 and 200 Decadon Dr., each approximately 40,000 sf and collectively known as Expressway Corporate Center, with the two-story buildings connected by full-height atrium entrances. The property's 85-acre site at the junction of the Garden State Parkway and the Atlantic City Expressway currently has approximately 50 acres available for additional development.
Both buildings were fully occupied by Computer Sciences Corp. at the time of sale. As reported by GlobeSt.com, CSC re-upped a year ago, signing a five-year deal that will keep its local management and information systems consulting operations in the buildings through at least mid-2011.
In the sale transaction, the buyer was represented by Joseph Sklencar, Sr. and Joseph Sklencar, Jr. of the Marlton office of Grubb & Ellis. Mack-Cali was represented in-house by John Adderly, vice president of leasing, and David Carlick, director of acquisitions.
The transaction also represents the second office deal in which DePietro has been involved so far in 2007. Earlier this year, the former casino exec sold three buildings totaling 78,000 sf within the Greentree Place Office Park in Marlton to the Basile Cos. for a reported $9 million. Grubb & Ellis similarly brokered that earlier transaction.
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