Mack-Cali makes $30m purchase.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 announced it has acquired three office buildings totaling 279,811 square feet in Parsippany, New Jersey. The buildings were purchased from The Gale Company for approximately $30.8 million. Located at Four, Five and Six Century Drive, adjacent to Mack-Cali Business Campus, the buildings are 46.2% leased to 13 tenants. Tenants include US Fire Insurance, Diagnostica Stago, and Simon & Schuster Simon & Schuster U.S. publishing company. It was founded in 1924 by Richard L. Simon (1899–1960) and M. Lincoln Schuster (1897–1970), whose initial project, the original crossword-puzzle book, was a best-seller. Inc. Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. E. Hersh, president and chief executive officer of Mack-Cali, commented, "With MackCali's strong market position and franchise value in Parsippany, we are confident in our ability 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>. our network of tenant relationships to stabilize stabilize See peg. these assets." He continued, "In addition, this acquisition allows us to further enhance our presence in our core Northeast markets." The acquisition increases the Company's holdings at Mack-Call Business Campus to 15 buildings totaling approximately 2 million square feet, and 17 buildings totaling approximately 2.5 million square feet in Parsippany. |
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