NEW JERSEY—Mack-Cali Realty Corporation has completed its acquisition of the real estate development and management businesses of Roseland Partners LLC, a multifamily residential community developer and operator.
Mack-Cali also has acquired Roseland’s interest in:
• Six multifamily properties totaling 1,769 apartments; one condo-residential property totaling four units; and four commercial properties totaling approximately 212,000 square feet;
• 13 in-process development projects, which include nine multi-family properties totaling 2,149 apartments, two garages totaling 1,591 parking spaces, and two retail properties totaling approximately 35,400 square feet; and
• Interests or options in land parcels that may support approximately 5,980 apartments, approximately 736,000 square feet of commercial space and a 321-key hotel.
While the majority of the properties are located in New Jersey, some reach as far north as Massachusetts.
FTI Consulting and Eastdil Secured served as advisors on the transaction. Dennis Block of Greenberg Traurig represented Mack-Cali and Stanley Schwartz of Orloff Lowenbach Stifelman & Seigel represented Roseland.
Mack-Cali acquired Roseland’s business and real property interests for an aggregate consideration of up to $134.6 million. During the three-year earn-out period, each of Roseland’s principals will serve as co-presidents of Roseland Management Services LP, a newly formed, wholly owned subsidiary of Mack-Cali, pursuant to employment agreements executed at closing.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali Realty Corporation, will assume the role of chairman and chief executive of Roseland Management Services LP.