Newmark is pleased to announce that it has been retained by Mack-Cali Realty Corporation as the exclusive agent to arrange the sale of its Horizon Center portfolio in Hamilton, New Jersey. The portfolio comprises 236,000 square feet across six office buildings and two land sites totaling 12.82 acres. Newmark Executive Managing Director Steven Schultz and Managing Director Tony Georgiev, as well as Newmark leasing specialists Executive Managing Director Stephen Tolkach and Director Robert Loderstedt are assigned to the project.
Institutionally owned, managed and maintained since 2007, the office buildings offer flexible space for high-tech and flex uses. The six properties are presently 86 percent leased to 18 tenants, including AAA Mid-Atlantic Inc., First American Title and Regus, with an impressive 11.3-year historical occupancy weighted average, providing a durable, in-place cash flow. There is also substantial value-add potential through the leasing of remaining vacancies, and the development of the land parcels.
“We are fortunate to have the opportunity to bring this type of product to the market,” said Schultz. “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.”
The development sites are currently zoned “RD - research and development,” which allows for numerous uses such as office, lab, medical, industrial, distribution and warehousing, to name a few. Horizon Center is strategically located in a high-traffic office submarket which has been one of the top-performing, core suburban New Jersey office submarkets for more than 30 years. The property has superior access to the New Jersey Turnpike, I-295 and I-195, as well as Routes 1 and 130. The location also offers exceptional amenities such as shopping, banking, restaurants, hotels and a highly-skilled labor pool. The centerpiece of the amenities, situated directly across from Horizon Center Business Park, is Hamilton Marketplace, boasting a roster of retailers including Barnes & Noble, Lowe’s, Walmart, Super ShopRite, Kohl’s, Bed Bath & Beyond and BJ’s Wholesale Club, among many others.
Schultz and team completed the $15.5-million sale of Monmouth Executive Center in Freehold, New Jersey for Mack-Cali in December. The sale of the Horizon Center portfolio is a strategic continuation of Mack-Cali’s effort to dispose of non-core assets.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
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