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January 23, 2019  

REIT Sells NJ Rentals at Discount

Mack-Cali Realty sold a Northern New Jersey apartment complex last week for 25% less than it paid five years ago.One Wall Partners acquired the 159-unit property, at 1&2 Park Square in Rahway, N.J., for $34.9 million, or $219,000/unit. HFF brokered the transaction.Mack-Cali bought the complex in 2013 from Landmark Cos. of Keasbey, N.J., for $46.5 million, or $292,000/unit. The Jersey City, N.J., REIT put the property up for sale last May with a...

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