Mack-Cali Realty Corp. has completed the first transaction in a 1031 exchange that will total more than $820 million in value.
The transaction is comprised of the purchase of Liberty Towers a highly amenitized 648-unit residential tower in Jersey City, N.J., at the end of the third quarter and the to-be-completed sale of the Chase at Overlook Ridge and Alterra at Overlook Ridge located in Boston. The sale of the Overlook Ridge properties is expected to close by the end of October.
The Overlook Ridge properties, with all due diligence completed, are under definitive contract to be sold to Rockpoint Group for approximately $411.5 million. The properties, developed by Mack-Cali’s Roseland Residential Trust subsidiary were completed in 2014 and 2008, respectively. Proceeds from the sale of the Overlook properties will be used to fund the company’s purchase of Liberty Towers, a high-rise residential community on the Jersey City Gold Coast for $409 million, which was ini
