Mack offloads Atlantic buildings.Mack-Cali Realty realty n. a short form of "real estate." (See: real estate)
REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corporation has sold two office buildings in Egg Harbor Township, New Jersey Egg Harbor Township is a township in Atlantic County, New Jersey, United States. As of the 2000 census, the township population was 30,726. The Census Bureau's 2004 population estimate for the township was 36,877, representing growth of nearly 20% since the previous enumeration. , for approximately $12.5 million. The buildings, which total 80,344 s/f, were sold to an entity controlled by Ron DePietro of Haddonfield, N.J.
Located at 100 and 200 Decadon Drive, the buildings are 100% leased to Computer Sciences Corporation.
Mitchell E. Hersh, Mack-Cali president and chief executive officer, commented, "As these buildings were our only assets in Atlantic County, this sale allows us to capitalize on Cap´i`tal`ize on`
v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the current favorable fa·vor·a·ble
1. Advantageous; helpful: favorable winds.
2. Encouraging; propitious: a favorable diagnosis.
3. investment sales climate and exit a non-core market."
Joseph Sklencar, Sr. and Joseph Sklencar, Jr. of Grubb & Ellis represented the buyer in the transaction. Mack-Cali was represented in-house by John Adderly, vice president of leasing, and David Carlick, director of acquisitions.