Zacks
0
All posts from Zacks
Zacks in Our Research. Your Success.,

Mack-Cali's Roseland Invests in New Jersey and East Boston

Mack-Cali Realty Corp.’s CLI multi-family platform Roseland Residential Trust (“RPT”) announced investment activities in Port Imperial on the New Jersey Waterfront and in East Boston, MA. These acquisitions are in sync with the Edison, NJ-based real estate investment trust’s (“REIT”) perceived strategy to emerge as the leading waterfront owner and developer in New Jersey and other key markets.

RPT was formed on Jan 1, 2016, as a separate subsidiary of Mack-Cali and has been entrusted to execute the roles of owning, managing, and developing the latter’s multi-family residential portfolio.

In the Weehawken area of Port Imperial, NJ, transactions worth around $36 million were agreed upon. In the West New York, NJ area, an acquisition worth approximately $11.3 was also made. In the East Boston, MA area, RPT acquired its partner’s interest for around $38.1 million. Apart from these transactions, RPT has been engaged in the marketing for sale of Andover Place, located in Andover, MA

Mack-Cali is engaged in providing management, leasing, development and other tenant-related services for office and multi-family real estate assets. The above transactions will give RPT greater ownership interest in New Jersey’s important waterfront areas, and expand its presence East Boston waterfront areas.

Mack-Cali currently holds a Zacks Rank #2 (Buy). Investors interested in the REIT industry may consider stocks like CoreSite Realty Corporation COR, Hersha Hospitality Trust HT and Crown Castle International Corp. CCI. Each of these stocks sports a Zacks Rank #1 (Strong Buy).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
CROWN CASTLE (CCI): Free Stock Analysis Report
 
MACK CALI CORP (CLI): Free Stock Analysis Report
 
HERSHA HOSPTLY (HT): Free Stock Analysis Report
 
CORESITE REALTY (COR): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research