EDISON, NJ - Mack-Cali Realty Corporation announced that it has acquired the two-building, 159-unit multi-family property known as Park Square in Rahway, New Jersey, which includes a parking garage and approximately 6,000 square feet of retail space. The property was acquired for a purchase price of approximately $46.5 million.
The multi-family property consists of one- and two-bedroom luxury apartments ranging from 800 to 1,480 square feet. The property, which is 94 percent leased, was acquired from Landmark Companies of Keasbey, New Jersey.
Park Square offers residents an impressive amenity package including a 24-hour fitness center, 24-hour resident service, enclosed, secure private garage parking options, community room with Wi-Fi, and billiards room, as well as convenient on-site retail. The property is strategically located – a two-minute walk to the Rahway train station offering ideal access to Liberty International Airport and Manhattan, as well as the Jersey Shore.
Mack-Cali's Roseland subsidiary will manage and lease the property with the best-in-quality standards for which it is known.
Mitchell E. Hersh, president and chief executive officer of Mack-Cali, commented, "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. Park Square further fulfills Roseland's mission of building visionary lifestyle."
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. 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 ten multi-family rental properties containing over 3,400 residential units, all located in the Northeast. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.