RAHWAY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has acquired a two-building, 159-unit multifamily property known as Park Square in Rahway, located about 12 miles south of Newark. The property, which includes a parking garage and approximately 6,000 square feet of retail space, sold for approximately $46.5 million. Landmark Cos. of Keasbey, N.J., was the seller.
Park Square consists of one- and two-bedroom luxury apartments ranging from 800 to 1,480 square feet. The property, which is 94 percent leased, offers residents an amenity package that includes a 24-hour fitness center; 24-hour resident service; enclosed, secure private garage parking options; a community room with Wi-Fi; a billiards room; as well as convenient on-site retail.
This 159-unit multifamily property known as Park Square is located in Rahway, located about 12 miles south of Newark.
The property is a two-minute walk from the Rahway train station that offers convenient access to Liberty International Airport and Manhattan, as well as the Jersey Shore.
Mack-Cali’s Roseland subsidiary will manage and lease the property.
“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,” says Mitchell Hersh, president and CEO of Edison, N.J.-based Mack-Cali.
A self-managed real estate investment trust (REIT), 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 10 multifamily rental properties containing more than 3,400 residential units, all located in the Northeast.
In trading Thursday, Mack-Cali’s stock price closed at $20.24 per share, down from $25.05 per share a year ago.
— Matt Valley