JERSEY CITY, N.J., Oct. 14, 2019 /PRNewswire/ -- Mack-Cali
Realty Corporation (NYSE: CLI) announced today that it has
completed the first transaction in a 1031 exchange that will total
over $820 million in value. The
transaction is comprised of the purchase of Liberty Towers a highly
amenitized 648-unit residential tower on the Jersey City Gold Coast
at the end of the third quarter and the to-be-completed sale of the
Chase at Overlook Ridge and Alterra at Overlook Ridge located in
Boston, Massachusetts. The sale of
the Overlook Ridge properties is expected to close by the end of
October.
The Overlook Ridge properties, with all due diligence completed,
are under definitive contract to be sold to Rockpoint Group, L.L.C.
for approximately $411.5 million. The
properties, developed by Mack-Cali's Roseland Residential Trust subsidiary
were completed in 2014 and 2008, respectively. Proceeds from the
sale of the Overlook properties will be used to fund the Company's
purchase of Liberty Towers, a high-rise residential community for
$409 million which was initially
financed with a $232 million mortgage
and the Company's line of credit. Sales proceeds from the Overlook
Properties will be used to repay the Company's line.
The well-located Liberty Towers
property features state of the art amenities including a yoga
studio, a spin studio, a rooftop pool, a boxing gym and an on-site
concierge. The tower features convenience retail including a
pharmacy, a florist and a nail salon.
Michael J. DeMarco, Chief
Executive Officer stated, "We are pleased to further add to our
portfolio on the highly desirable Jersey
City waterfront through the efficient sale of a portion of
our Boston multifamily properties
and the purchase of Liberty Towers. This transaction allows us to
further concentrate our capital on the waterfront where we believe
our market share and operating familiarity with the community
should allow us to enhance the performance of Liberty Towers."
In addition, the Company also announced that it expects to
receive the $2.6 million of proceeds
associated with the sale of its Urby tax credit in the fourth
quarter of 2019. This tax credit will have a direct benefit to the
Company's Funds from Operations.
About Mack-Cali Realty Corporation
One of the
country's leading real estate investment trusts (REITs), Mack-Cali
Realty Corporation is an owner, manager and developer of premier
office and multifamily properties in select waterfront and
transit-oriented markets throughout the Northeast.
Mack-Cali is headquartered in
Jersey City, New Jersey, and is
the visionary behind the city's flourishing waterfront, where the
company is leading development, improvement and place-making
initiatives for Harborside, a master-planned destination comprised
of class A office, luxury apartments, diverse retail and
restaurants, and public spaces.
A fully-integrated and self-managed company, Mack-Cali has provided world-class management,
leasing, and development services throughout New Jersey. By regularly investing in its
properties and innovative lifestyle amenity packages,
Mack-Cali creates environments
that empower tenants and residents to reimagine the way they work
and live.
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," "projected," "should," "expect," "anticipate,"
"estimate," "target," "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:
David
Smetana
Mack-Cali Realty
Corporation
Chief Financial
Officer
(732)
590-1035
dsmetana@mack-cali.com
|
Deidre
Crockett
Mack-Cali Realty
Corporation
Senior Vice
President,
Corporate
Communications and Investor Relations
(732)
590-1025
dcrockett@mack-cali.com
|
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SOURCE Mack-Cali Realty Corporation