(The following press release from Mack-Cali Realty was received by e-mail. The
sender verified the statement.)
MACK-CALI ANNOUNCES ACQUISITION OF
LUXURY MULTI-FAMILY PROPERTY IN METRO BOSTON
Edison, New Jersey-January 22, 2013-Mack-Cali Realty Corporation (NYSE: CLI)
today announced it acquired Alterra at Overlook Ridge IA in Metro Boston for
approximately $61.3 million. The Company has also agreed to acquire Alterra at
Overlook Ridge IB for approximately $88.7 million and expects an early April
closing when the loan that currently encumbers the property opens for
The luxury multi-family properties contain 722 rental units in the master
planned community of Overlook Ridge in Revere and Malden, Massachusetts and is
currently 97.2 percent leased. The properties are being acquired from a
Prudential Insurance Company of America joint venture.
Mack-Cali's recently acquired Roseland subsidiary developed Alterra IA in 2004
and Alterra IB in 2008 for the venture, and has managed the properties since
The class A multi-family properties offer residents resort-style amenities,
including heated outdoor pools, fitness centers, lounges with billiards,
business centers, cinema screening rooms, and direct access parking garages.
The Overlook Ridge community is located just five miles north of downtown
Boston and its many restaurants, shopping, and attractions. It also features
superior access to a vast highway network, direct access to MBTA bus service,
as well as private shuttle service.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali,
commented, "The acquisition of Alterra perfectly complements our recent
acquisition of the real estate development and management businesses of
Roseland and its imminent development interests at Overlook Ridge. We expect to
place mortgage financing on the property that will provide a cash on cash yield
in excess of 9 percent."
Marshall B. Tycher, co-president of Roseland, commented, "We were attracted to
this acquisition because these premier assets represent the finest in luxury,
location, and amenities, and are consistent with the highest quality properties
in the marketplace, as well as the opportunity for a value-add component. With
a planned interior cosmetic modernization we are confident we can command
today's higher market rents."
About Alterra at Overlook Ridge:
Alterra IA and Alterra IB are located within the Overlook Ridge master planned
community located in the cities of Malden and Revere, and sit adjacent to U.S.
Route 1 at the Salem Street interchange, just five miles north of downtown
Boston. Roseland has been the master developer of the community approved for
2,800 units with ancillary commercial uses since 2002.
Alterra IA, a 310-unit property developed by Roseland, completed construction
in 2004. The property boasts a unique set of amenities including an outdoor
heated pool, club room equipped with billiards and flat screen TVs, fitness
center, indoor basketball court and children's playroom. The property also
includes a conference room for private meetings as well as theater-style cinema
screening room. Roseland has managed the asset since its 2004 completion.
Alterra IB, a 412-unit property developed by Roseland, was the second rental
phase of Overlook Ridge and completed construction in 2008. The project
includes 412 apartment homes in two midrise buildings. The project, in addition
to benefiting from the shared residential clubhouse, houses its own set of
amenities including computer lab, pool, conference room, fitness center and
concierge services. Roseland has managed the asset since its 2008 completion.
In addition to managing Alterra, Roseland developed and manages the adjacent
Quarrystone and is actively constructing the 371-unit Highlands at Overlook
Ridge in joint venture with UBS.
About Mack-Cali Realty Corporation:
Mack-Cali Realty Corporation is a fully integrated, self-administered,
self-managed real estate investment trust (REIT) providing management, leasing,
development, construction and other tenant-related services for its class A
real estate portfolio. Mack-Cali owns or has interests in 278 properties
consisting of 271 office and office/flex properties totaling approximately 31.6
million square feet and seven multi-family rental properties containing over
2,000 residential units, all located in the Northeast. The properties enable
the Company to provide a full complement of real estate opportunities to its
diverse base of commercial and residential tenants.
Additional information on Mack-Cali Realty Corporation is available on the
Company's website at www.mack-cali.com<http://www.mack-cali.com>.
Statements made in this press release may be forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements can be identified by the use of words such as "may,"
"will," "plan," "potential," "should," "expect," "anticipate," "estimate,"
"continue," or comparable terminology. Such forward-looking statements are
inherently subject to certain risks, trends and uncertainties, many of which
the Company cannot predict with accuracy and some of which the Company might
not even anticipate, and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are cautioned not
to place undue reliance on these forward-looking statements and are advised to
consider the factors listed above together with the additional factors under
the heading "Disclosure Regarding Forward-Looking Statements" and "Risk
Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented
or amended by the Company's Quarterly Reports on Form 10-Q, which are
incorporated herein by reference. The Company assumes no obligation to update
or supplement forward-looking statements that become untrue because of
subsequent events, new information or otherwise.
Barry Lefkowitz Ilene Jablonski
Mack-Cali Realty Corporation Mack-Cali Realty
(732) 590-1000 (732) 590-1000
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