By Joshua Burd
Mack-Cali Realty Corp. has offloaded another suburban office property, completing the sale of a nearly 100,000-square-foot building in the Princeton submarket for $7.5 million.
The real estate investment trust said it sold the property, 5 Vaughn Drive in West Windsor, to American Equity Partners. Located within the Princeton Metro Center complex, the building is minutes from downtown Princeton and is adjacent to the Princeton Junction train station.
The property is 30 percent leased.
“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 CEO. “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.”
Ricardo Cardoso, executive vice president and chief investment officer of the Jersey City-based REIT, led the deal.
“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.”
The deal comes as Mack-Cali continues with a sweeping plan to sell its suburban office buildings. Last month, the company closed on the sale of 11 buildings in Parsippany and Madison, to a joint venture led by Onyx Equities, for $167.6 million. It also recently sold 325 Columbia Turnpike, a 168,144-square-foot building in Florham Park, for $25.8 million, and the sale of another Parsippany property $21 million.
