Ushering positive news for its New Jersey platform, Mack-Cali Realty Corporation (CLI) announced the signing of a new 20-year lease deal with the New Jersey City University for a 68,348-square-feet space at Harborside Plaza 2 in Jersey City, NJ.
On Dec 23, 2014, the company revealed that this building, located on the Jersey City Waterfront, is currently undergoing major renovations. This includes a makeover of the public space, improvement on the retail promenade, grand atrium, individual building lobbies, exterior entrances and an outdoor esplanade. Plus, there would be the addition of a beer garden and renovation of the market dining area. All these steps are aimed to revamp the working and living environment.
Reflecting positive sentiments, Mack-Cali shares rose by 14 cents on Dec 23. However, they fell by 3 cents the next day, on broader market concerns.
Notably, the NJCU School of Business will be positioned in the center of Jersey City’s financial district. Harborside, which currently enjoys monthly foot traffic of around 12 million professionals, residents and small-scale business patrons, is expected to witness greater traffic with Jersey City poised to becoming the largest city in the state by 2020.
This real estate investment trust (REIT) has a diverse base of commercial and residential tenants. It enjoys full ownership or has stakes in 282 properties in Northeast U.S. The company’s asset base comprises 266 office and office/flex properties (31.5 million square feet) and 16 multi-family rental properties (4,900 residential units). In recent times, Mack-Cali is dedicatedly enhancing its multi-family residential portfolio, as this sector has traditionally been more of a stable product type.
Mack-Cali currently has a Zacks Rank #3 (Hold). Investors interested in the REIT sector may also consider Duke Realty Corp. (DRE), Host Hotels & Resorts, Inc. (HST) and Public Storage (PSA). All three stocks sport a Zacks Rank #2 (Buy).
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