2B — April 23 - May 20, 2021 — New Jersey — M id A tlantic Real Estate Journal
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Comprising four office buildings containing 945,906 s/f Mack-Cali announces $254M sale ofMetroparkOfficePort.
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DISON AND ISELIN, NJ — Mack-Cali Re - alty Corporation an- nounced the sale of its Me- tropark portfolio, located in Edison and Iselin for $254 mil- lion to Opal Holdings. The dis- position, comprising four office buildings containing 945,906 s/f, represents one of the larg- est suburban office transac- tions this year and continues to demonstrate strong execu- tion of Mack-Cali’s strategy of divesting its suburban office assets, signaling a strong start to 2021. The company plans to use the sales proceeds to pay down its unsecured corporate debt during the second quarter of 2021. “This sale marks a key mile- stone in our strategy to sell non-core suburban office as- sets, which we expect to sub- stantially complete in the near future,” said Mahbod Nia , chief executive officer of Mack- Cali. “I commend the team’s fo- cus and tireless efforts to bring such a significant transaction across the finish line despite the challenges of the current environment.” The portfolio, comprised of 99 and 101 Wood Ave. South and 333 and 343 Thornall St. is currently more than 90% leased to blue chip tenants and benefits from recent capital E
and Kevin Donner of Cush- man & Wakefield’s New York Institutional Investment Sales team, and leasing specialists Todd Elfand and Kevin Carton , led the assignment. "The sale of this class A portfolio will potentially be one of the largest suburban office trades New Jersey sees this year,” said Andy Merin, ex- ecutive vice chairman at Cush- man & Wakefield. "We have a longstanding relationship with Mack-Cali, and we appreciate their trust in our team’s ability to continually deliver results that help further execute their greater business plan.” MAREJ
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99 Wood Ave. South
improvement projects. “We have made significant strides in executing our plan to divest non-core assets at a rap- id pace,” said Ricardo Car - doso , executive vice president and chief investment officer of Mack-Cali. “Most importantly, we have not sacrificed value in these dispositions, and are continuing to make progress on finalizing sale terms on the remainder of our non-core commercial assets. This deal was an enormous collabora- tion among various teams, and I am thrilled with the partnership and joint efforts which brought it to comple- tion. Opal Holdings moved fast to take this opportunity to add to their Metropark holdings and worked hard to success- fully close.” A Cushman & Wakefield New York Metropolitan Area Capital Markets team of Andy Merin, David Bernhaut, GaryGabriel, FrankDiTom - maso and Seth Zuidema , in conjunction with Adam Spies
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