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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

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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


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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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-


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

Upcoming Spotlights Tax Issues & Accounting PA/NJ/DE ICSC Exchange NJ’s Governors Conference on Housing & Economic Development DelMarVa ......................................................15-18A Financial Digest ...............................................5-13A New Jersey ................................................ Section B Pennsylvania ............................................. Section C

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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