AAA acquisition will put Mack-Cali in driver's seat.Mack-Cali Realty Corporation has entered into a development and acquisition agreement with AAA Mid-Atlantic The not-for-profit AAA Mid-Atlantic, among the largest of the Clubs in the AAA National Federation, serves nearly four million members in a territory stretching from Northwest New Jersey to Richmond, Va. . The agreement includes Mack-Cali's development of an operations center The facility or location on an installation, base, or facility used by the commander to command, control, and coordinate all crisis activities. See also base defense operations center; command center. for AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. and its acquisition of land and buildings from AAA, all in Hamilton Township, New Jersey Hamilton Township is the name of two similarly named, but distinct, places in the U.S. state of New Jersey:
Mack-Cali will develop for AAA a three-story, 120,000 s/f class A office building on a 21.6 acre land site at Mack-Cali's Horizon Center Business Park. AAA has pre-leased the building, which it will use as an operations center, for 15 years. Construction on the build-to-suit project is expected to be completed in the third quarter of 2006. Upon completion of the new building for AAA, Mack-Cali will acquire from AAA three office and office/flex buildings totaling 83,762 s/f and land for the development of an additional 243,000 s/f of commercial space. Mack-Cali plans to redevelop each of the acquired properties. The properties to be acquired consist of: A 33,962 s/f office building on 9.5 acres of land at 2 South Gold Drive. The site can be redeveloped to accommodate up to 120,000 s/f of commercial space. AAA will lease back 8,790 s/f at the building for 10 years; A 13,800 s/f office/flex building located at 6 South Gold Drive. PARS Engineering leases 7,915 s/f at the building; A 36,000 s/f office building with 17 acres of land at 3 and 5 AAA Drive. The site can be redeveloped to accommodate up to 161,000 s/f of commercial space; A 2.4 acre land parcel at 6 AAA Drive for the development of 32,000 s/f of commercial space. Mitchell E. Hersh, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of MackCali, commented, "This transaction allows us to accomplish several objectives: we will accommodate AAA's needs to consolidate and expand its operations; secure a new long-term lease with a top quality tenant; and increase our presence in Mercer County Mercer County is the name of several counties in the United States:
Robert Bull, Philip Lipper and Michael Kennedy
Michael LeMoyne Kennedy (February 27, 1958 – December 31, 1997), was the sixth of eleven children of Robert F. Kennedy and Ethel Skakel Kennedy. of Studley represented AAA Mid-Atlantic in the transaction. The architect for the project is Fletcher Thompson. |
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