MACK-CALI'S BIG BUY; THE DEAL SHEET
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|Mack-Cali just pumped up its portfolio in a big way—this morning, it announced that it’s signed a definitive agreement to acquire the real estate development and management biz of Roseland Partners for $135M. The loot: interests in six operating multifamily properties totaling 1,769 units, a four-unit condo property, four commercial properties totaling 212k SF, and 13 in-process development projects from multifamily to hotel (mostly in NJ, but as far as Massachusetts).|
|The deal is a major step in the REIT’s growth strategy, for which multifamily will be a key driver, according to Mack-Cali CEO Mitchell Hersh (above, speaking at a Bisnow NJ event). That all started with the previously announced Jersey City multifamily development at Jersey City’s Harborside Financial Center. Mitchell will take on the role of chairman and CEO for the newly formed, wholly owned subsidiary Roseland Management Services, and during the three-year earn-out period, each of Roseland’s principals—Carl Goldberg,Marshall Tycher, and Brad Klatt—will serve as co-presidents. The transaction team: FTI Consulting, Eastdil Secured, Greenberg Traurig, and Orloff Lowenbach Stifelman & Seigel.|