October
9, 2012
Mack-Cali Realty
Corporation to Acquire Real Estate
Mack-Cali Realty Corporation signs a
definitive agreement to acquire the real estate development
and management businesses of Roseland Partners, L.L.C., a
premier multi-family residential community developer and
operator in the Northeast, and Roseland’s interests in six
operating multi-family properties.
The properties consist of: 1,769 apartments; one
condo-residential property with four units and four
commercial properties with approximately 212,000 square
feet; 13 in-process development projects, which include nine
multi-family properties with 2,149 apartments; two garages
totaling 1,591 parking spaces; and two retail properties
with approximately 35,400 square feet; interests or options
in land parcels which may support approximately 5,980
apartments; approximately 736,000 square feet of commercial
space; and a 321-key hotel.
The locations of the properties extend from New Jersey to
Massachusetts. The majority of the properties are located in
New Jersey, in particular, at its flagship development at
Port Imperial in Weehawken and West New York, in addition to
the Jersey City Waterfront and other urban in-fill and
transit-oriented locations.
The Roseland business and real property interests will be
acquired for aggregate consideration of up to $134.6
million, subject to adjustment, consisting of $115.0 million
in cash and approximately $4.0 million of assumed debt at
closing and an additional earn-out of up to $15.6 million in
cash over the next three years, under certain conditions.
During the three-year earn-out period, each of Roseland’s
principals, Marshall Tycher, Brad Klatt and Carl Goldberg,
will serve as co-presidents of Roseland Management Services,
L.P., a newly formed wholly owned subsidiary of Mack-Cali,
pursuant to employment agreements to be executed at closing.
Mitchell E. Hersh, President and Chief Executive Officer of
Mack-Cali Realty Corporation, also will assume the role of
Chairman and Chief Executive of Roseland Management
Services, L.P.
The transaction will be financed through Mack-Cali’s $600
million unsecured revolving credit facility. The transaction
is subject to customary closing conditions and is expected
to close early in the fourth quarter of 2012.
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