B — October 12 - 25, 2012 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N ew J ersey
200,000 s/f building restructured with Lakeland Bank Accordia Realty Ventures refinances two North NJ assets
airfield, NJ — Ac- cordia Realty Ven- tures, LLC has refi- nanced the first mortgage loans on two of its assets, Greenbrook Executive Center and River Drive Center II. The financing for Greenbrook Executive Center, a 200,000 s/f class A office building was restructured directly with Lakeland Bank . “Lakeland Bank recognized Greenbrook Executive Center’s “best in market” status, and as such, structured a long-term loan that was tailored to refi- nance the current debt as well as provide funding for future F
Greenbrook Executive Center
lease up.” said Accordia Realty principal Jason Bogar t. In the second transaction, Allstate Life Insurance Com-
pany renewed its loan on River Drive Center II, an 83,000 s/f office building in Elmwood Park. Holiday Fenoglio Fowler ’s Los Angeles office represented Accordia Realty in this transaction. n Post-Panamax prosperity topNAIOP New Jersey meeting WOODBRIDGE, NJ—The economy, both nationally and locally, continues to generate uncertainty. For the longer term, ports along the East Coast continue to gear up for the anticipated economic impact of completion of the expansion of the Panama Canal in 2014. Those key top- ics highlighted the program of the September Chapter meeting of NAIOP New Jersey at the Woodbridge Hilton Hotel. For the uninitiated, the Panama Canal, specifically the canal’s locks, are being widened to permit passage of the new generation of super- sized vessels. That project will allow the larger vessels sailing from the Pacific Rim to directly reach East Coast ports. Previously and until then, those vessels must off- load at U.S. Pacific Coast ports, with the goods then shipping cross-country by train or truck at substantial expense. “This is a $5.2 billion proj- ect,” Thomas Bisacquino , president of NAIOP Cor- porate told members of the New Jersey Chapter of the commercial real estate devel- opment association. Relating his experiences of a recent tour of the project, “this is more than a ‘short cut,’” he said. “This is a value-add proposition. U.S. ports from New York/New Jersey, to Baltimore, to Norfolk need to invest heavily to handle these larger ships.” n
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