Edison and Iselin, NJ — Mack-Cali Realty Corporation announced the sale of its Metropark portfolio, located in Edison and Iselin for $254 million to Opal Holdings. The disposition, comprising four office buildings containing 945,906 s/f, represents one of the largest suburban office transactions this year and continues to demonstrate strong execution 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 milestone in our strategy to sell non-core suburban office assets, which we expect to substantially complete in the near future,” said Mahbod Nia, chief executive officer of Mack-Cali. “I commend the team’s focus 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 improvement projects.
“We have made significant strides in executing our plan to divest non-core assets at a rapid pace,” said Ricardo Cardoso, 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 collaboration among various teams, and I am thrilled with the partnership and joint efforts which brought it to completion. Opal Holdings moved fast to take this opportunity to add to their Metropark holdings and worked hard to successfully close.”