A subsidiary of Cole Corporate Income Trust, Inc., an entity managed by Cole Real Estate Investments, has acquired 55 Corporate Dr. in Bridgewater, NJ for $72.3 million, or about $353 per square foot, from Mack-Cali Realty Corporation (NYSE: CLI
The four-story, 205,439-square-foot, class A office building was developed in 2011 by Mack-Cali as a build-to-suit for Sanofi-Aventis. Building IV sits on 154 acres in the Route 78 East submarket of Somerset County, and is fully occupied by the diversified global healthcare leader.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "The sale of this property continues our strategy of monetizing non-core assets." The Edison, NJ-based, self-administered, self-managed REIT provides management, leasing, development, construction and other tenant-related services across its portfolio of 278 properties.
Adam Spies, Kevin Donner and Neill Wessell with Eastdil Secured LLC in New York represented the seller.
Please see CoStar COMPS #2731691 for additional information on this transaction.
In other news, Mack-Cali Realty Corporation announced its operating partnership, Mack-Cali Realty LP, has agreed to sell $275 million of 3.15-percent senior unsecured notes due in 2023 to an underwritten public offering. The notes were priced at 97.8% of the principal amount to yield 3.4% to maturity in an offering expected to close on May 8, 2013.
It was made through BofA Merrill Lynch, Citigrouop and J.P. Morgan as joint book-running managers. BB&T Capital Markets, BNY Mellon Capital Markets, LLC, Capital One Southcoast, Comerica Securities, Deutsche Bank Securities, Mitsubishi UFJ Securities, PNC Capital Markets LLC, RBS, SunTrust Robinson Humphrey, TD Securities, US Bancorp and Wells Fargo Securities acted as co-managers.
After underwriting discounts and offering expenses, the proceeds from the offering are expected to be approximately $266.5 million, available for general corporate purposes and working capital, as well as repayment of outstanding borrowings under its unsecured revolving credit facility.