M id A tlantic Real Estate Journal — Owners, Developers & Managers — July 23 - August 19, 2021 — 13C
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O wners , D evelopers & M anagers
Cushman & Wakefield's Capital Markets team arranged the transaction Mack-Cali Realty Corporation sells Red Bank, NJ office portfolio for $84 Million
ED BANK, NJ — Mack-Cali Realty Co rpo r a t i on an - nounced the $84 million sale of River Centre, a 639,490 s/f office portfolio in Red Bank 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 sig- nificant 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 reno - vated 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 mile- stone and takes us one step closer to successfully com - pleting the disposition of our suburban office portfolio,” said Mahbod Nia , chief executive officer of Mack-Cali. “We re - main 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 evi - dence 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 momen- tum of our recent dispositions and complete our exit from the suburban office market in the near-term.” Cushman & Wakefield's Capital Markets team ar- ranged the transaction. “Our teampreviously sold nearly for - ty percent of the River Centre properties to Mack-Cali, who did a fantastic job in updating select common areas through- out the portfolio, in addition to creating a fully-dedicated amenity building to serve the campus. River Centre repre- sents nearly half of all of the of - fice 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 R
portfolio via additional capital investments and leasing strat- egies,” said Andy Merin , who led the assignment alongside David Bernhaut , Gary Ga- briel, Frank DiTommaso and Seth Zuidema . The sales team was supported by local leasing experts Kevin Carton and Todd Elfand . In addition, Cushman & Wakefield’s Equi - ty, 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 . MAREJ
River Centre
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