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Mack-Cali pays $53M for NJ development site

During the fourth quarter of 2017, office real estate investment trust Mack-Cali Realty Corp. purchased 25 Christopher Columbus, a residential development site in Jersey City, N.J., for $53 million as part of a 1031 exchange.

Joint venture partners L&M Development Partners Inc. and Low-Income Housing Corp. sold the property, according to a report from The Real Deal.

Mack-Cali will build about 718 luxury rental units on roughly 600,000 square feet of space on the site. Construction on the project, additionally offering retail space, a school and a possible daycare center, is expected to commence in 2018.