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Dunne, Langer and Neuer lead brokerage team cBRe announces $115 million sale of 500 Plaza Drive In secaucus, NJ
ISSUE HIGHLIGHTS Volume 29 Issue 15 August 11 - 24, 2017
ecaucus , NJ — cBRe Institutional Properties announced that it represented a venture between Marcus Partners and a global institutional partner in the sale of 500 Plaza Dr., the world headquarters of Quest and The Children’s Place, in Secaucus for $115 million. The CBRE team, which was led by Jeffrey Dunne and Travis Langer , was also responsible for procuring the buyer, Manu- life US REIT, a Singapore-list- ed real estate investment trust. CBRE represented ownership in the sale of 500 Plaza to Mar- cus Partners and its partner in 2014 for $69 million and previ- ously represented owners sell- ing the neighboring 400 Plaza Dr. in 2015, 100 Plaza Dr. in 2013 and again in 2016, and 200 Plaza Dr. in 2013. 500 Plaza Dr. is a 460,000 urban convenience within a prime suburban location. The property is situated within S
Central nJ Spotlight
building finishes and grounds. As part of the program, Marcus Partners also constructed a new 222-car parking deck, renovat- ed an 1,100-car parking deck, and created 34 visitor-parking spaces. Since the renovations were completed, ownership has signed five leases totaling 258,000 s/f, which collectively increased occupancy to 99%. Leasing activity included a new world headquarters location for Quest Diagnostics Incorporated and a renewal of AXA. “The newly redeveloped 500 Plaza offers tenants and visi- tors alike an exceptional work environment, providing both the convenience and amenities demanded by premier organi- zations and their employees. Today the property is a unique headquarters-quality facility and we are proud to continue providing property manage- ment services under Manulife US REIT’s capable new owner- ship,” said Paul Marcus, CEO of Marcus Partners. n
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500 Plaza Drive entrance
MultIFAMIly FinanCing
the iconic 200-acre Harmon Meadows, a 4.4M square foot amenity-rich environment with numerous restaurants and hotels, more than 1 million s/f of national and big box retail, a newly developed LA Fitness Club and a 14-screen movie theater. The “live, work, play” nature of Harmon Meadows will be further bolstered by Hartz Mountain’s develop- ment of 470 new apartments, expected to be completed this Fall.
During their ownership ten- ure, Marcus Partners complet- ed a $17.8 million base building capital improvement program which transformed the prop- erty into a state-of-the-art, high quality work environment. The repositioning program included a complete lobby renovation, significant common-area up- grades, creation of a full-service cafeteria, coffee bar, conference center, and high end fitness center/locker rooms, along with substantial upgrades to both
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UpComing ConFerenCeS Sept. 13, 2017 nJ apartment/multi- Family Conference Oct. 6, 2017 nJ leadership Conference For speaking and sponsorship information, please contact: lea at 781-740-2900 or [email protected]
Rittenhouse capital advisors arranges $54.25macquisition loan in chester county, Pa
The property was acquired for $73 million and Rittenhouse Capital placed the first mort-
MaLveRN, Pa — Rit- tenhouse capital advisors has successfully arranged the financing for the acquisition of the 356,000 s/f class "A" office building known as the Great Valley Commerce Center. Lo- cated in Malvern, the subject property is fully leased to credit tenants.
gage financ- ing with a na- tional bank in the amount of $54.25 mil- lion, or 74% l e v e r a g e . The loan was structured as a CMBS ex-
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ecution with a 30-year amorti- zation and a 10-year term with the interest rate fixed at 4.48%. sam Oropeza , of the Rit- tenhouse Capital team, was the originator on the loan and was instrumental in helping to bring the deal to fruition. Oro- peza stated: “Rittenhouse Capi- tal is certainly known for plac- ing multi-family debt, however this transaction demonstrates that we have the expertise to work on the full range of real estate assets including office buildings.” George Johnson , president Sam Oropeza
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Great Valley Commerce Center
and CEO of Rittenhouse Capi- tal, added: "This was a debt assignment that was highly sought after and competitive. We are extremely pleased that our client recognized the depth of our experience and our abil- ity to execute and deliver the terms and leverage needed to bring this deal to the finish line.”
Rittenhouse Capital Advi- sors is a debt advisory firm based in Philadelphia, PA. Our Underwriting & Lending Expertise covers the full range of commercial real estate as- sets, including but not limited to: multifamily, student hous- ing, office, industrial, retail, and healthcare throughout the United States. n
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Real Estate Journal
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Mid Atlantic Real Estate Journal
Mid Atlantic R eal e state J ouRnal Publisher, Conference Producer ..................................... Linda Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher ...................................................................Kim Brunet AVP, Conference Producer .................................................. Lea Christman Senior Editor/Graphic Artist .................................................Karen Vachon Office Manager .....................................................................Miriam Buttrick Sales Intern ........................................................................ Kevin Minassian Production Intern ................................................................. Erin Shepherd Contributing Columnists .................................................Jarrod C. Grasso Mid Atlantic R eal e state J ouRnal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 15 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com
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Foreclosures, Sales & Prices Rise While Inventory Dips Lower
J.D. Parker Manhattan
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
D
espite New Jersey con- tinuing to lead the way with foreclosures, sales
(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000
throughout the state are up almost 8 percent, creating and sustaining a confident marNet through the summer season, ac- cording to New Jersey Realtors. %ucNing the downward na- tional trend, New Jersey fore- closures ticNed up percent in the first half of 0, sa\s 5eal- tyTrac, just behind Connecticut and Louisiana. Atlantic City, Trenton, and Philadelphia, PA held the top spots for metro foreclosure rates. Atlantic City had .% of housing units with foreclosure filings 7renton had .0% and 3hiladelphia had 0. %. Inventory remains signifi- NEWARK, NJ — Miles Berger , chairman and CEO of Berger Organization , was honored on at the fifth annual 81C) 0asNed %all, an annual fundraiser to support UNCF New Jersey and the organiza-
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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cantl\ low, with a 0.5% one year dip in homes for sale on all properties, according to >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60
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