8B — November 10 - 23, 2017 — Central New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
C entral N ew J ersey
Kinraich and Goldstein of MLK Real Estate Capital arrange debt financing Rhodium Capital Advisors closes $5.85 million acquisition of Somerset office building S
the new tenants. Moreover, the business plan for the asset calls for investment of another $350,000 on building-wide capital improvements includ- ing parking lot paving, roof repairs, and bathroom and common area upgrades. Daniel Shragaei , a man- aging principal of Rhodium Capital Advisors, said, “This acquisition is further proof of Rhodium’s strength in identi- fying under-managed assets in prime locations and creating value almost overnight. We are excited to continue pursu- ing this unique strategy for select assets in the metro New York area.” Rhodiumwas represented by Slava Vaynberg of Cushman & Wakefield . Sol Kinraich and Ryan Goldstein of MLK Real Estate Capital arranged the debt financing. Jeffrey Zwick & Associates acted as Rhodium’s legal counsel. n Colliers Int’l. executes lease in Metuchen, NJ METUCHEN, NJ — Pro Custom Solar, LLC will be able to meet the demands of its growing workforce with the expansion of its lease at 325 High St., executed by Colliers International Group Inc. ’s Woodbridge Office. “This is an expansion of a prior transaction with Pro Custom Solar, which initially leased 35,000 s/f of office and warehouse at 325 High St. a year ago,” said Michael Markey , who led Colliers International’s Woodbridge office team of Jon Tesser and Mike Tesser in repre- senting the landlord. Doug Twyman , also from the Col- liers Woodbridge office, rep- resented the tenant, Pro Custom Solar. A year ago, Pro Custom Solar announced its re-brand "Momentum Solar." The rap- idly growing company custom designs solar systems for resi- dential and commercial prop- erties and handles permitting as well as installation. “This company has a high headcount of employees, and they were having dif- ficulty finding a building with enough parking. The additional 18,000 s/f of office space will help them meet the demands of their growth,” Markey said. n
omerset, NJ — Rho- diumCapital Advisors announced the acquisi- tion of a 107,000 s/f office building in Somerset. Located at 100 Franklin Square Dr., the asset was acquired for $5.85 million and is another prime example of Rhodium’s unique model of identifying and adding value to under-per- forming properties in strong markets. Between contract signing and closing, Rhodium’s proac- tive leasing efforts renewed in-place tenants on long-term leases and secured several
new, major tenants, driving occupancy from 56% to 87% at closing. The property has a diverse tenant mix includ- ing firms in the healthcare, education, insurance, technol- ogy, and legal sectors and is in close proximity to various hotels, conference centers and restaurants. The Somerset of- fice market is home to major employers and is easily acces- sible fromnumerous roadways and throughways. Rhodium will spend $2.4 million for tenant improve- ments and leasing commis- sions for existing tenants and
100 Franklin Square Dr.
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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