Mack-Cali Sells 6-Building NJ Asset
- Apr 19, 2018
Denholtz Associates has completed its purchase of the Horizon Center, a 236,284-square-foot, six-building office/flex portfolio in Hamilton, N.J. NKF Capital Markets represented the seller, Mack-Cali Realty Corp., in the deal, which also included two development parcels totaling 12 acres. At the time of sale, the portfolio was 86 percent leased to 18 tenants, with a weighted average historical occupancy of 11.3 years.
The Horizon Center consists of flex buildings at 2 South Gold Drive, 100 Horizon Drive, 200 Horizon Drive, 300 Horizon Drive and 500 Horizon Drive and 3 AAA Drive, a two-story office building. Additionally, the campus includes the two land sites at 5 and 6 AAA Drive.
A spokesperson for Denholtz declined to discuss the company’s plans for the two development sites, and Mack-Cali could not be reached for additional information.
“With a limited supply of quality office buildings in the area, the acquisition of this property will enable us to apply our in-house capabilities to bring the portfolio to full occupancy,” Denholtz President Stephen Cassidy said in a prepared statement.
The NKF Capital Markets team that handled the transaction was led by Executive Managing Director Steven Schultz and Managing Director Tony Georgiev. NKF Executive Managing Director Steve Tolkach and Director Robert Loderstedt will represent Denholtz on the leasing side.
“Horizon is a rare opportunity in one of a few core suburban real estate submarkets in all of New Jersey with institutional-quality product,” Schultz said in a prepared statement. He added that the transaction was “part of Mack-Cali’s plan to dispose of non-core assets.”
Mack-Cali on a selling spree
Last October, Mack-Cali sold Totowa Commerce Center, a 13-building flex-industrial park in Passaic County, to Heritage Capital Group for $65.5 million. The park totals 508,000 square feet and includes a vacant parcel of 5.8 acres.
And barely a week ago, Mack-Cali disposed of Monmouth Shores Corporate Park, selling it to BHN Associates for an undisclosed price. The 400,000-square-foot business park in Wall Township consists of five one-story flex buildings and three office buildings.
Image courtesy of Denholtz Associates