Mack-Cali Sells 215 KSF Office Assets in NJ
- Sep 20, 2018
Mack-Cali has sold 600 and 700 Horizon Drive, a two-building 100 percent NNN-leased office portfolio in Hamilton, N.J. NKF Capital Markets represented the deal on behalf of the seller. Earlier this year, Mack-Cali sold other four buildings in the Horizon Center campus. The sale is part of the company’s disposition plan of non-core assets.
A private investor acquired 600 Horizon, a 95,000-square-foot, single-story office property that was originally built-to-suit 16 years ago as a call center. It currently is fully leased to Verizon Communications. The property boasts five separate entrances, a large floor plate and generous parking spaces.
VEREIT purchased 700 Horizon, a 120,000-square-foot building leased to AAA. Constructed in 2007, the building features advanced fiber-optics and on-site jogging paths.
“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,” Steven Schultz, NKF Capital Markets’ executive managing director, said in a prepared statement. “Its prominent location right off Route 130 provides convenient access to regional thoroughfares and the greater Princeton market area. We’re pleased with the results, as we concluded Mack-Cali’s disposition strategy in this area.”
A prime area
Cushman & Wakefield’s Central New Jersey second-quarter office report noted the area has seen robust leasing activity lately, with more than 1.1 million square feet of activity. That represented its best quarter of leasing since the third quarter of 2016.
The two buildings are considered leading office spots for commuting in the area and are close to major markets along the Northeast Corridor.
According to Schultz, there are few ClassA office products like these two buildings in the Hamilton submarket, which is why they were in such demand. The area offers strong access to a dense, skilled labor base and is close by numerous dining options, retailers and hospitality providers.
Joining Schultz on the NKF Capital Markets team were Executive Managing Director Kevin Welsh, Leasing Expert Steve Tolkach and Managing Directors Tony Georgiev and Brian Schulz.
Earlier in September, NKF Capital Markets arranged the sale of 240 Elm St., a 46,276-square-foot mixed-use asset in Somerville, Mass., for $39 million. That same week, the company arranged the $106.8 million sale of The Atrium, a 302,900-square-foot trophy office tower in Irvine, Calif. Kelemen Co. purchased the Orange County asset from Barings Real Estate.
Image courtesy of Yardi Matrix