Mack-Cali Realty Corporation announced that Roseland Residential Trust (Roseland), in the second quarter of 2016, completed the acquisition of various partners’ interests in Port Imperial on the Hudson River Waterfront, as well as the disposition of its subordinated ownership in two Port Imperial communities.
Roseland closed on the following acquisitions:
Port Imperial, Weehawken, New Jersey:
The cost of the Weehawken transactions was approximately $36 million.
Roseland closed on or agreed to the following dispositions:
In addition, the Company marked recent activities through the following events:
Next week, Roseland will proudly host the ceremonial groundbreaking for Signature Place at Morris Plains, marking a Mack-Cali/Roseland milestone-the first office to luxury multi-family repositioning.
“Through strategic acquisitions, we continue to strengthen our portfolio with smart investments in valuable properties. Our position in core markets like the Hudson River Waterfront and East Boston will lead to strong returns for our investors,” said Andrew Marshall, President and Chief Operating Officer of Roseland. “We are particularly excited to take a major step forward in realizing the strategic benefits of the Mack-Cali/Roseland partnership through our Morris Plains repositioning-a template we look forward to replicating elsewhere in our portfolio.”
“The multi-family portfolio is projected to grow to over 13,000 operating or in-construction apartments by year-end 2018,” said Michael J. DeMarco, President of Mack-Cali. “Regarding the Roseland equity raise, we have made significant progress in identifying investors and look forward to completing that process by early fall on terms beneficial to us. However, we believe that we have sufficient capital to complete all of our 2016 and 2017 projects either through capital on hand or previously invested sums.”Related Articles: