2-12-16

- DC

The seller of both buildings is Piedmont Office Realty Trust Zimmel Assoc. sells two New Jersey office buildings for over $100 million L YNDHURST/PARSIP- PANY, NJ — David Zimmel , president,

ISSUE HIGHLIGHTS Volume 28 Issue 3 February 12 - 25, 2016

AUCTIONS

15-18A

Zimmel Associates , reports that the Edison, NJ corporate real estate services firm has handled the sale of two class A office buildings located in Northern New Jersey to an undisclosed buyer for a total that exceeds $100 million. The seller of both buildings is Pied- mont Office Realty Trust . In the first transaction, Nine Polito Ave., a 268,000 s/f, class-A office building in Lyndhurst, sold for $50 mil- lion. The 10-story building, located at the intersection of Routes 3 and 17 near the New Jersey Turnpike, is known as Copper Ridge Center and has Polo Ralph Lauren Corpora- tion as a lead tenant. In the second transaction, Two Gate Hall Dr., a 404,500 s/f class-A office building lo- cated just off of Rt. 10 in Par-

Nine Polito Ave.

Two Gate Hall Dr opportunities on the market that met the client’s criteria in dollar amount, property type and location. Alex did sub- stantial research to put these deals together and found the right properties. A lot of hard work was involved and the results were highly successful for all parties.” n

sippany, sold for $51 million. Gemini Technology Services, Inc., a subsidiary of Deutsche Bank AG, is the lead tenant. “We are very pleased to begin 2016 with the closing of these sales,” said Zimmel. Both of these deals were off market and demonstrate the in-depth market knowledge

and dedication Zimmel As- sociates provides and why we attract solid commercial real estate investors. “We are proud of Alex Chazkel , a vice president at our firm, who spoke with a new client who needed to do a sub- stantial 1031 exchange. There were not a lot of investment

For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com UPCOMING CONFERENCES MARCH 18, 2016 NJ Land Development Summit APRIL 14, 2016 New Jersey Office Summit APRIL 13, 2016 Philadelphia Capital Markets Summit

Progress Capital completes $17.3 million portfolio refinance with $10m cash out

NEW JERSEY — The team at Progress Capital , led by

million with challenging condi- tions: 1) Close in 60 Days 2) Capture 60% Cash Out 3) 20 Year Fixed Rate/25 Year Amor- tization 4) Forward Rate Lock Anderson’s knowledge of the client, financials on file along with immediate access and trusted relationships with the appropriate lenders, gave her the ability to refinance five of the client’s real estate assets, totaling $17.3 million. Properties included Rite Aid and Dunkin’ Donuts locations as well as a $2 million business line of credit. “We are very proud of the long-standing relationships we have with our clients and lend- ing sources. Recently, a client needed a CRE refinance in 60 days. We were able to move fast, since their current financial re- cords are maintained in-house. That, combined with our proven track record with multiple lenders, enabled us to quickly arrange the refinance for $17.3 million which included a $10 million cash out.” said Kathy Anderson. n

founder and p r e s i d e n t Kathy An- derson , ar- ranged the refinance of a commercial rea l es tat e portfolio to- taling $17.3

Kathy Anderson

Directory

Financial Digest................................................5-10A DelMarVa • DC.................................................11-14A Auctions.........................................................15-18A New Jersey................................................. Section B Central NJ. .......................................................7-15B Pennsylvania..................................................19-23A

Upcoming Spotlights Commercial Office Properties February 26, 2016

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