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ISSUE HIGHLIGHTS Volume 25 Issue 13 July 12 -25, 2013 WCRE secures new lease in South Jersey

To Cole Corporate Income Trust, Inc. Vision Equities, LLC sells $32.4 million interest in 299 Jefferson Rd., Parsippany


ARSIPPANY, NJ —A $32.4 million sale of 299 Jefferson Rd. in

es, and upgraded landscaping and parking. Vision updated the building mechanicals, built a new fitness center with locker rooms, and renovated the cafeteria. Evonik took oc- cupancy in late 2011. According to Fred Arena , Vision’s co-managing partner, the sale fits perfectly with his firm’s vision for the proj- ect as well as its long-term investment approach. “We purchased a property that we knew had great potential, at- tracted a long-term credit ten- ant by providing quality prod- uct at a highly competitive rate, and were approached by a prominent REIT to invest in the finished product,” he said. “We remain involved in the building’s operation on a day-to-day basis, ensuring that our tenant will benefit from the same responsive, ef- ficient service they have come to expect.” ■

Parsippany marks the culmi- nation of a stabilization for the 150,500 s/f, classAoffice asset. Vision Equities, LLC , an institutional investor, has sold their interest in the property t o Cole Corporate Income Trust, Inc. ; Vision will contin- ue to provide asset/property management for the building, which serves as corporate headquarters for Evonik De- gussa Corporation. Vision Equities, a full-ser- vice real estate development and asset management firm, acquired 299 Jefferson Rd. with knowledge that the sole occupant would ultimately vacate its space. “We recog- nized that after we executed our redevelopment and mod- ernization plan, a building of this size and quality in such a desirable submarket


299 Jefferson Rd.

Landmark Comm’l. Realty arranges $4.6m multifamily sale

would appeal to a corporate user looking to establish a full-building operation,” noted Sam Morreale , Vision’s co- founder and managing part- ner. “We rolled out a reposi- tioning strategy, and Evonik – which had outgrown its space at another Parsippany building – understood the

value proposition.” Following Evonik’s May 2011 lease signing, Vision Eq- uities subsequently built out a multi-million-dollar head- quarters operation for the specialty chemicals company. Aesthetic highlights include a new, three-story atrium lobby, hardwood and granite finish-

Meridian Capital group arranges $12 million in permanent financing for garden-style apartment


Property Management Spotlight

FAIRLESS HILLS, PA — Meridian Capital Group, LLC , a leading national com- mercial real estate finance and advisory firm, negotiated $12 million on behalf of Garnet Management for the refinanc- ing of Lakeview Terrace mul- tifamily property located in Fairless Hills. The 10-year HUD loan fea-



Upcoming Spotlight July 26, 2013 - BROKERAGE DIRECTORY DelMarVa ........................................7-10A New Jersey .................................Section B Central New Jersey .......................... 5-11B Pennsylvania ..............................Section C Eastern PA ....................................... 5-12C Property Management Spotlight ... Section D

Lakeview Terrace

tures a fixed-rate of 3.40% and was provided by Northfield Bank . Meridian Capital Group Abe Schonfeld based in the company’s Iselin, NJ office, negotiated this transaction. Lakeview Terrace is two-

ships and in-depth market knowledge and persuade them to write this loan in Pennsyl- vania,” said Schonfeld. “The professional management and ownership made this a desir- able loan,” he added. ■

story, garden-style complex that is composed of 288 units in total. “Even though the lender typically focuses on New Jer- sey, we were able to leverage our long-standing relation-


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