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Friday, 25 January 2019

Mack-Cali Paying $61.5Mln for Iselin, N.J., Office Property; Eyeing Other Deals

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Commercial Real Estate Direct Staff Report

Mack-Cali Realty Corp. has agreed to pay $61.5 million, or $226/sf, for the office property at 99 Wood Ave. South in Iselin, N.J.

The Jersey City, N.J., REIT is buying the 272,000-square-foot building from TA Realty, a Boston investment manager that has owned it since 2014. Tenants include Ernst & Young, Citibank and Wells Fargo Bank. The property is next to the 262,835-sf office building at 101 Wood Ave. South that Mack-Cali had purchased in 2016 for $82.3 million.

Separately, Mack-Cali is under contract to acquire Prudential Financial's 50 percent stake in the 311-unit M2 apartment building at 401 Washington Blvd. in Jersey City. That deal, which values the property at $195 million, would increase Mack-Cali's stake in the property to 74.3 percent.

The property, which opened in 2016, shares a parking garage and clubhouse with the 412-unit Marbella Apartments, at 425 Washington Blvd., which Mack-Cali and Pru developed in 2003. Mack-Cali last year increased its stake in that property to 74.5 percent.

In addition, Mack-Cali is in negotiations to pay $263.5 million, or $698,939/unit, for the 377-unit Soho Lofts apartment property at 273 16th St. in Jersey City. It...





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“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Newark
  • States: Nebraska, New Jersey
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Company: Mack-Cali Corp.
  • Private: Yes
Read 417 times Last modified on Friday, 25 January 2019

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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