NKF Capital Markets Completes Complex Trade of Mack-Cali’s 6-Building and 2 Land Site Horizon Portfolio to Denholtz Associates4.18.2018
Hamilton, N.J. (April 17, 2018) — NKF Capital Markets is pleased to announce its representation of Mack-Cali Realty Corporation in selling The Horizon Center, its 236,284-square-foot, six-building and two development site portfolio in Hamilton, New Jersey, to Denholtz Associates. The NKF Capital Markets team that completed the transaction was led by Executive Managing Director Steven Schultz and Managing Director Tony Georgiev while NKF’s leasing team experts, Executive Managing Director Steve Tolkach and Director Robert Loderstedt, were hired by Denholtz.
The Horizon Center, institutionally owned, managed and maintained since 2007, is currently 86% leased to 18 tenants and boasts an impressive weighted average historical occupancy of 11.3 years. The properties included in the portfolio are 2 South Gold Drive, 100 Horizon Drive, 200 Horizon Drive, 300 Horizon Drive, 500 Horizon Drive, and 3 AAA Drive, a two-story office building; as well as the two additional land sites at 5 and 6 AAA Drive with more than 12-acres combined and prime development potential.
“We’re pleased to have represented in this complex portfolio trade, part of Mack-Cali’s plan to dispose non-core assets, and also to have traded the premier Horizon portfolio to Denholtz, as it aligns with their goals and is an excellent fit for their company,” said Mr. Schultz. “Horizon is a rare opportunity in one of a few core suburban real estate submarkets in all of New Jersey with institutional-quality product by prominent owners like Mack-Cali.”
“Since our founding 65 years ago, our team has aggressively searched to deploy capital in markets and property types that provide our firm with ideal value-add opportunities,” said Stephen Cassidy, President of Denholtz Associates. “Our acquisition of the Horizon Center exemplifies that commitment as we recognize the strong growth trajectory of the Mercer County market and the unique prospects presented by this property. With a limited supply of quality office buildings in the area, the acquisition of this property will enable us to apply our in-house capabilities to bring the portfolio to full occupancy and provide strong returns to our investors.”
“This market has become an increasingly desirable area for corporate users seeking to tap in to the skilled employment base, and we look forward to working with Denholtz to leverage the properties’ versatile floor plates, convenient accessibility by major thoroughfares, and wealth of amenities,” said Mr. Tolkach. “Most of all, we’re very pleased as a company to have collaborated in helping clients on both sides of the transaction fulfill their business goals.”