P3RE Acquires BroadAcres Office Park for $32M
- Apr 05, 2017
Phase 3 Real Estate Partners (P3RE), through Meridian Capital Group, secured $24 million in financing for the acquisition of the BroadAcres Office Park from Prism Capital Partners in Bloomfield, N.J.
The three-year loan was negotiated by Meridian’s Senior Managing Director Abe Hirsch, Managing Director Matthew Texler and Analyst Paul Kim. The loan includes floating rate with full-term interest-only payments and two one-year extension options.
Gary Gabriel, Andrew Merin, David Bernhaut and Brian Whitmer from Cushman & Wakefield represented Prism in the sale. According to Yardi Matrix data, Prism acquired the office park in 2006 from Alfieri Property Management for $52.8 million. Prism will remain the property’s exclusive leasing and on-site managing agent on behalf of P3RE.
The 380,000-square-foot property is divided into four four-story buildings, located at 200, 300, 400 Broadacres Drive and 1455 Broad St., respectively. The property features office space, outdoor courtyard and patio area. Tenants include Bechter, Dewberry, Randa Luggage and Munzing LLC. BroadAcres Office Park will undergo rebranding and a renovation process, which will include resurfaced parking lots, new exterior lighting, common area renovations, gym and other enhanced amenities. The asset was 72 percent occupied at the time of the transaction.
The loan structure will allow for this conveniently located asset to achieve its full leasing potential through a more focused rebranding program, and more aggressive leasing strategy, said Texler in prepared remarks.
Image courtesy of Yardi Matrix