(The following press release from Mack-Cali was received by e-mail. The
sender verified the statement.)
MACK-CALI ACQUIRES 159-UNIT MULTI-FAMILY RESIDENTIAL
COMMUNITY IN RAHWAY
Edison, New Jersey—November 21, 2013—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
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.
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