3 AAA Drive in Hamilton — Courtesy: Newmark Knight Frank
By Joshua Burd
Mack-Cali Realty Corp. has hired Newmark Knight Frank to sell six office buildings in Mercer County, as the company continues to trim its portfolio of suburban properties.
Known as the Horizon Center portfolio, the offering encompasses 236,000 square feet across the six properties, which include buildings such as 100 Horizon Center Blvd. and 3 AAA Drive. The portfolio also includes two land sites totaling 12.82 acres.
Tenants within the 86 percent leased portfolio include AAA Mid-Atlantic Inc., First American Title and Regus.
The NKF capital markets team of Executive Managing Director Steven Schultz and Managing Director Tony Georgiev are leading the assignment. Leasing specialists Stephen Tolkach, an executive managing director, and Director Robert Loderstedt are also assigned to the project.
“We are fortunate to have the opportunity to bring this type of product to the market,” Schultz said in a prepared statement. “Well-positioned near excellent mass transit alternatives and convenient roadway access within the greater Princeton area, which is renowned for its affluent and highly educated population, the property retains an e-commerce edge and a startup twist for tenants.”
Mack-Cali has owned the buildings since 2007, NKF said in a news release. The firm touted the properties for their ability to offer space for high-tech and flex uses, along with “durable, in-place cash flow” and value-add potential through the leasing of remaining vacancies and the development of the land parcels.
The development sites are currently zoned for research and development, allowing for uses such as office, lab, medical, industrial, distribution and warehousing, NKF said. The property offers quick access to the New Jersey Turnpike, interstates 295 and 195 and routes 1 and 130.
Directly across from Horizon Center Business Park is the Hamilton Marketplace retail center, which has tenants such as Barnes & Noble, Lowe’s, Walmart and Super ShopRite, among others.