Mack-Cali Realty Corporation has announced that it has sold its interest in The Highlands at Morristown Station in Morristown, realizing net proceeds of approximately $6.5 million.
Mack-Cali had acquired its 25 percent subordinated interest in the 217-unit community in October 2012 as part of the Roseland acquisition for approximately $2 million. The interest disposition represents an approximately 3.0x multiple on the 2012 acquisition price. Mack-Cali’s Roseland subsidiary will continue to manage the property.
Michael J. DeMarco, president and chief operating officer of Mack-Cali, commented, “This transaction allows us to demonstrate the value we’ve created in our multi-family segment.”
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 280 properties, consisting of 261 office and office/flex properties totaling approximately 30.7 million square feet and 19 multi-family rental properties containing approximately 5,700 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.Related Articles: