Mack-Cali Acquires 159-Unit Multi-Family Residential Community In Rahway
EDISON, N.J., Nov. 21, 2013
EDISON, N.J., Nov. 21, 2013 /PRNewswire/ -- Mack-Cali Realty Corporation
(NYSE: CLI) today announced that it has acquired the two-building, 159-unit
multi-family property known as Park Square in Rahway, New Jersey, which
includes a parking garage and approximately 6,000 square feet of retail space.
The property was acquired for a purchase price of approximately $46.5 million.
The multi-family property consists of one- and two-bedroom luxury apartments
ranging from 800 to 1,480 square feet. The property, which is 94 percent
leased, was acquired from Landmark Companies of Keasbey, New Jersey.
Park Square offers residents an impressive amenity package including a 24-hour
fitness center, 24-hour resident service, enclosed, secure private garage
parking options, community room with Wi-Fi, and billiards room, as well as
convenient on-site retail. The property is strategically located – a
two-minute walk to the Rahway train station offering ideal access to Liberty
International Airport and Manhattan, as well as the Jersey Shore.
Mack-Cali's Roseland subsidiary will manage and lease the property with the
best-in-quality standards for which it is known.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali,
commented, "The Mack-Cali/Roseland team is thrilled to acquire Park Square, a
true luxury rental community that offers residents spacious, well-appointed
apartments in an ideal transit-oriented location. Park Square further fulfills
Roseland's mission of building visionary lifestyle."
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 276
properties, consisting of 266 office and office/flex properties totaling
approximately 30.7 million square feet and ten multi-family rental properties
containing over 3,400 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 and the commercial real
estate properties and multi-family residential communities available for lease
can be found on the Company's website at 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.
Contacts: Barry Lefkowitz Ilene Jablonski
Mack-Cali Realty Corporation Mack-Cali Realty Corporation
Executive Vice Presidentand Chief Vice President of Marketing
(732) 590-1000 (732) 590-1000
SOURCE Mack-Cali Realty Corporation
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