14A — September 2023 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
Onyx Equities transforms The Arbors @ Parsippany
Gretchen Wilcox & Albert Raymond secure funding G.S. Wilcox & Co. finances $10.2M self storage facility
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amortizations. The lender also provided flexible prepayment. The financing was provided
controlled units and 24/7 security. The location has numerous demand drivers including several higher education facilities and a US Navy Submarine Base. “It was a pleasure to work with The Hampshire Compa - nies on both the construction and long-term refinancing of this excellent property. The lender, a new relationship, was able to provide excep- tional financing prior to the property achieving stabiliza- tion thanks to their wealth of experience with this product type.” said Wilcox. MAREJ
ONNECTICUT — G.S. Wilcox & Co. has completed $10.2
by a life in- surance com- pany for The Hampshire Companies . G.S. Wilcox & Co. also originated the construc- tion loan for this property
million in fi - nancing for a prestabilized self-storage facility in Connect i - cut. The fi- nancing was secured by Gretchen W i l c o x ,
Albert Raymond
Gretchen Wilcox
in 2020. The facility, managed by a national self-storage firm, features 785 climate-
president, and Albert Ray- mond , principal, with a 13- year term and 5 years interest only, followed by a 30-year
The Arbors @ Parsippany
CBRE instrumental in arranging two leases totaling 87,000 s/f for medical services operator
PHILADELPHIA, PA — CBRE announced that it as- sisted Praesum Healthcare Services, LLC, a healthcare provider along the East Coast, in inking two new lease trans- actions totaling 87,000 s/f in the Philadelphia region. The healthcare provider committed to a +-58,000 s/f lease for sev - eral floors at 2301 E. Allegheny Avenue, and a +-29,000 sq. ft. lease for the entire building at 3261 Tulip St. The CBRE team of Les Haggett and Kieara Hill s uccessfully represented Prae- sum Healthcare in both lease transactions. “We are excited to have col - laborated closely with our client in assisting in the negotiations of two long-term leases for high quality space that will allow Praesum Healthcare to provide safe and dignified facilities for accounting controls and data fields that should be captured in a lease administration solu- tion include: • Contract commencement date • Contract term • Rent amount (and any chang - es/adjustments over the life) • Security deposit • Common Area Maintenance (CAM) charges • Taxes • Insurance • Utilities By capturing all of this data in one place, you can reduce errors, simplify the process of managing your real estate lease portfolio, and ensure a single system of record for real estate properties.
Amenities at The Arbors @ Parsippany enhance the office experience.
out in a competitive market and attract employees back to the workplace.” On-site amenities include: • A 5,200 s/f state-of-the-art fitness center; • Three newly renovated cafes; • Outdoor activities including wiffle ball and cornhole; • 1.5 miles of paths for walk - ing, biking, and hiking; • Underground access between buildings; Building upgrades include new roofs, new rooftop HVAC systems, mechanical systems, and redesigning the entry- ways of the five buildings into open multi-story granite and glass atriums. “Our tenants are looking for spaces that can support their business needs and help them recruit and retain top talent. By offering amenities like a fitness center, on-site café, outdoor green spaces, and networking event programs, we’ve created a dynamic destination that peo- ple enjoy coming to everyday,” said Schultz. “This is what the future of office space looks like.” The Arbors @ Parsippany sits at major road junctures, includ- ing I-80, 280, 287, Rtes. 46 and 202, NJ Rtes. 10 and 53. MAREJ
PARSIPPANY, NJ — A game room, collaborative lounge, indoor and outdoor meeting spaces, a bike share program, yoga classes, and an activity calendar are all part of the office experience for tenants at The Arbors @ Parsippany following Onyx Equities’ $15 Million capital improvement project at the 60-acre, five-building campus. Onyx’s latest interpretation of the class A office amenities package has already attracted 191,000 s/f of leased space, in - cluding a new long-term lease with law firm Fein, Such, Kahn & Shepard, PC, alongside Ric - ola USA cough drops, Robert Half International, and many other established tenants opt- ing to renew leases. “We recognize that today’s concept of ‘The Office’ must be more than just a place to work,” said Jonathan Schultz , co- founder and managing prin- cipal of Onyx Equities. “By investing in our infrastructure and creating desirable ameni- ties, we are not only improv- ing the physical space of our building, but also creating an energetic environment for our tenants as they look to stand
2301 E. Allegheny Avenue aerial
their clients,” said Haggett. Headquartered in Lake Worth Beach, FL, Praesum Healthcare Services and its family of affiliated companies are leading providers of in- patient and outpatient treat- ment services to individuals suffering from mental and/or Another important consider - ation for real estate and lease accounting is capturing the relevant data for each lease event. A lease event can be something like starting a new lease, a rent increase, a change in CAM charges or the expira - tion of a lease. Capturing this data and keeping it updated is critical for maintaining ac- curate financial records. Combining lease adminis - tration and lease solutions can also streamline the approv- al workflow for new leases, lease amendments and other changes. With automated workflows, all approvals are captured in one place. Real estate administrators can manage critical dates for their
properties, process invoices, and analyze lease data, all with management oversight. Finally, you’ll want to con- sider whether the software offers customized reporting and analytics. This can be helpful for generating reports on demand, understanding lease trends over time, or comparing results across business units. With the right, integrated solution, you can streamline your real estate and lease ac- counting processes, improve financial visibility and control, and save time and money. Bryan Seck is SVP, Glob- al Alliances and Real Es- tate Technology at Lease- Accelerator. MAREJ behavioral health disorders in six East Coast states. Ar - ranging the leases was an in- tegral part of a transaction in which an affiliate of Praesum Healthcare Services acquired an existing healthcare pro- vider, Beacon Point Recovery Center, LLC. MAREJ
Real estate and lease accounting – Consolidating for ROI continued from page 2A
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