{"id":1004221221,"date":"2018-04-19T02:43:02","date_gmt":"2018-04-19T10:43:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004221221"},"modified":"2022-12-04T23:10:46","modified_gmt":"2022-12-05T07:10:46","slug":"mack-cali-sells-6-building-nj-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-6-building-nj-asset\/","title":{"rendered":"Mack-Cali Sells 6-Building NJ Asset"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<div id=\"attachment_1004221293\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Stephen-Cassidy.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004221293\" data-attachment-id=\"1004221293\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-6-building-nj-asset\/stephen-cassidy\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Stephen-Cassidy.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Stephen Cassidy, Denholtz Associates\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Stephen Cassidy, Denholtz Associates&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Stephen-Cassidy.jpg?w=800\" class=\"wp-image-1004221293 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Stephen-Cassidy.jpg\" alt=\"Stephen Cassidy, Denholtz Associates\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Stephen-Cassidy.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Stephen-Cassidy.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Stephen-Cassidy.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004221293\" class=\"wp-caption-text\">Stephen Cassidy, Denholtz Associates<\/p><\/div>\n<p>Denholtz Associates\u00a0has completed its purchase of the Horizon Center, a 236,284-square-foot, six-building\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/mack-calis-nj-horizon-center-hits-the-market\/\">office\/flex portfolio in Hamilton, N.J.<\/a> NKF Capital Markets represented the seller, Mack-Cali Realty Corp., in the deal,\u00a0which 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.<\/p>\n<p>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.<\/p>\n<p>A spokesperson for Denholtz declined to discuss the company\u2019s plans for the two development sites, and Mack-Cali could not be reached for additional information.<\/p>\n<p>\u201c<em>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<\/em>,\u201d Denholtz President Stephen Cassidy said in a prepared statement.<\/p>\n<p>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.<\/p>\n<p>\u201c<em>Horizon is a rare opportunity in one of a few core suburban real estate submarkets in all of New Jersey with institutional-quality product,<\/em>\u201d Schultz said in a prepared statement. He added that the transaction was \u201c<em>part of Mack-Cali\u2019s plan to dispose of non-core assets.<\/em>\u201d<\/p>\n<h2>Mack-Cali on a selling spree<\/h2>\n<p>Last October, Mack-Cali\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sells-nj-flexindustrial-park-for-66m\/\">sold Totowa Commerce Center<\/a>, 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.<\/p>\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/mack-cali-sheds-large-business-park-in-nj\/\">business park in Wall Township<\/a> consists of five one-story flex buildings and three office buildings.<\/p>\n<p><em>Image courtesy of\u00a0Denholtz\u00a0Associates<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Continuing its ongoing strategy of selling off non-core properties, Mack-Cali sold Horizon Center to another New Jersey-based company. <\/p>\n","protected":false},"author":882,"featured_media":1004221293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1600,21742,10,21747],"tags":[33675,33554,36007,39909],"class_list":["post-1004221221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-new-york","category-latest","category-northeast","category-office","tag-denholtz-associates","tag-mack-cali-realty-corporation","tag-newmark-knight-frank","tag-steven-schultz"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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