Mack-Cali Realty Corp. has added another asset to its growing multifamily portfolio, acquiring a 159-unit rental property in Rahway, the company announced today.
The real estate investment trust, based in Edison, said it purchased the two-building Park Square complex for about $46.5 million from Woodbridge-based Landmark Cos. The site is minutes from the Rahway train station and also includes a parking garage, 6,000 square of retail space and several other amenities.
The property, which is 94 percent leased, will be managed and leased by Mack-Cali's Roseland subsidiary, the company said in a news release.
The move is the latest in a string of acquisitions for the REIT, which has moved aggressively into the booming multifamily residential business after years of building its sprawling commercial portfolio in the Northeast.
Last fall, Mack-Cali acquired Roseland Property Co. to help jumpstart its strategy of diversifying a platform of mostly office space.
Since then, the company said it has started construction on 1,300 residential units, totaling more than $400 million in development costs. And CEO Mitchell E. Hersh signaled last month that there would be no slowdown in efforts to broaden its portfolio through development and acquisitions.
Hersh (at No. 7) and Roseland Co-President Carl Goldberg were both recently named to the NJBIZ Power 50, New Jersey's 50 most influential people in the real estate business.