14A — May 27 - June 9, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal The cost of the Weehawken, NJ transactions is $36 million
Roseland announces key investment activity in the Hudson River Waterfront & Boston Markets
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Tycher became chairman and Andrew Marshall became president and chief operat- ing officer. The multi-family portfolio is projected to more than double in size from 7,000 apartment homes either op- erating or in construction to over 14,000 apartments by year-end 2018. Roseland agreed to: Port Imperial: •Weehawken, NJ: The buyout of its partner’s interests in five Port Imperial waterfront de- velopment parcels. Concurrent with the acquisition, Roseland commenced construction on one of the acquired parcels, RiverHouse, a 100% wholly owned 295-apartment home community. • Weehawken: The buyout of its partner’s interests in Port Imperial South 4/5 Garage and Retail, thereby increasing Roseland’s ownership to 70%. • Weehawken: Parcel 2 (po- tential condo parcel) will be transferred to a new entity with Roseland and its joint venture partner each holding a 50% ownership stake. The cost of the Weehawken transactions is $36 million. • West NY, NJ: The buyout of its partner’s 25% subordi- nate interest in RiverTrace, a 316-apartment community. Roseland now holds a 50% subordinate interest in the joint venture with UBS. The cost of the acquisition was • East Boston, MA: Acquired its majority partner’s interest in the 175-apartment Portside at East Pier 7 on the East Boston Waterfront, thereby increasing Roseland’s inter- est to 85%. The cost of the acquisition was $38.1 million. Roseland is currently building the adjacent 296-apartment project, Portside 5/6, also 85% owned by Roseland. “The acquisitions outlined above provide Roseland with greater ownership along one of NJ’s most valuable remaining waterfront areas, in addition to our waterfront presence in East Boston. It enables us to achieve one of our primary strategic objectives to be the premier waterfront developer and owner in NJ and other Core markets,” said Tycher, chairman of Roseland. “We were able to reach this goal at very attractive valuations, while at the same time greatly simplifying the ownership of our holdings.” n $11.3 million. East Boston:
E E H A W K E N , NJ — Mack-Cali Realty Corp. an-
nounced Roseland Resi- dential Trust (Roseland) reached an agreement or com- pleted the acquisition of vari- ous partners’ interests in Port Imperial on the NJWaterfront and in East Boston. In ad- dition, Roseland is actively marketing for sale Andover Place in Andover, MA. Roseland Residential Trust was formed January 1 to own, manage, and develop Mack- Cali’s luxury multi-family residential portfolio. As part of the formation, Marshall
RiverTrace at Port Imperial
AUCTIONS By Order of the City of Atlantic City
120 Residential & Commercial Lots From Boardwalk to Bader Field
Auction June 23
2 Major Waterfront Development Sites
888.299.1438 / maxspann.com Sealed Bids Due July 14 • 100± Acre Bader Field • 10.43± Acre Riverside
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