Mack-Cali advances suburban disposition strategy with $7.5M sale

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Mack-Cali Realty Corp. on Monday said it sold 5 Vaughn Drive in Princeton to Edison-based American Equity Partners for a total of $7.5 million.

“We continue to make great progress on our divestment strategy, which includes shedding suburban assets and fortifying our balance sheet,” said MaryAnne Gilmartin, Mack-Cali’s board chair and interim chief executive officer. “We will remain diligent in our efforts to reduce corporate debt and re-focus on our core assets, including Harborside and multifamily assets across the region.”

5 Vaughn Drive is a nearly 100,000-square-foot, Class A office building within the Princeton Metro Center complex, which is 30% leased. The complex is well-located, close to downtown Princeton and adjacent to the train station.

The deal was led by Mack Cali Executive Vice President and Chief Investment Officer Ricardo Cardoso.

“Ricardo and his team have done a fantastic job advancing our suburban disposition strategy, despite any obstacles the pandemic could have presented,” Gilmartin added. “I commend everyone on the team for getting yet another transaction over the finish line.”

Last month the company announced the completion of the Phase 1 sale of its Parsippany and Giralda Farms portfolio, comprising 11 buildings in Morris County, for a total of $167.6 million.

In addition, the company closed on the sale of its 325 Columbia Turnpike asset in Florham Park for $25.8 million, as well as the first asset of its Phase II sales tranche of its Parsippany and Giralda portfolio, 9 Campus Drive in Parsippany, for $21.0 million.