Mitchell Hersh
The New Jersey acquisition market is hot — too hot, some say. In Mack-Cali Realty‘s third-quarter conference call, CEO and President Mitchell Hersh said that it had examined and bid on some recent deals in New Jersey but ultimately shied away from mega-pricey buys, according to GlobeSt.com “You need to be very, very careful,” Hersh said. “You have such an abundance of capital that pays such a dear price, without understanding the intricacies.” Ironically, Hersh noted, though finding the underwriters for large properties isn’t hard, smaller properties — between $25 and $150 million — are harder to finance. The overall quarter, however, was successful with net income and funds from operations both on the rise. [GlobeSt]