S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
M id A tlantic
HFF markets property on behalf of the seller, LNR Property Berger Organization adds 450,000 s/f, 18-story office tower in downtown Newark to portfolio
Located on 1.6 acres across the St. fromWashington Park, at the northern end of the city’s central business district, the building is in the James St. Commons Historic Dis- trict, which is on the National Register of Historic Places. It is surrounded by notable landmarks such as the New- ark Museum, John Ballantine House and Newark Public Library, and is ideally located for commuters. It is just two blocks from the Newark Broad St. commuter light rail and a half a mile fromNewark Penn Station; it is also conveniently located to all major highways feeding in and out of Newark and into NYC, including I-280
and I-78, State Rtes. 1,9 and 21, the NJ Tpke. and Garden State Pkwy. “We are excited to add this iconic building to our port- folio,” said Miles Berger , chairman and CEO of Berger Organization. “The demand for high-quality office space in the city continues to grow and 33 Washington’s excel- lent location and amenities make it a highly attractive address.” The tower, which was com- pleted in 1970, features a fitness center, shared confer- ence rooms, on-site parking, and impressive granite lobby and views of the Manhattan skyline.
The property was mar- keted by Holliday Fenoglio Fowler, LP (HFF) on behalf of the seller, LNR Property . Berger Organization, which owns and operates the Robert Treat Hotel & Conference Center in Newark, is also in the the process of redevelop- ing the historic St. Francis Hotel building on East Park St. into a 102-room TRYP by Wyndham hotel. The 1930s- era property, which operated for 50 years as the Carlton Hotel, is anticipated to open in September 2017 as one of the first TRYP properties in the United States. The select- service urban hotel brand is already popular in Europe. n
EWARK, NJ — Berg- er Organization , a diversified real estate
c o m p a n y b a s e d i n Newark has announ c ed its acquisi- t i on o f 33 Washington St., a 450,000 s/f, 18-story office tower
HI-LIGHTS April 14 - 27, 2017 Southern NJ 7-14B Zimmel Associates brokers $6.68 million industrial building sale located in downtown Newark. The property was built for Ho- rizon Blue Cross/Blue Shield
33 Washington St.
and is now multi-tenanted by leading companies.
Cushman & Wakefield brokers off-market trade of landmark campus Prism Capital Partners sells BroadAcres Office Park inBloomfield, to P3REProperties
BLOOMFIELD, NJ — Prism Capital Partners and an institutional partner
have sold the l a ndma r k , 380,000 s/f BroadAcres Office Park in Bloomfield t o P 3 RE . Cushman & Wakefield ’s Metropolitan
Area Capital Markets Group orchestrated the off-market trade, which closed in March. The four-building, 20-acre property is located along the Garden State Pkwy., between exits 151 and 153, near the interchanges of Rtes. 3 and 46. “This transaction illustrates the liquidity for suburban office space in northern NJ, particularly for established properties with solid leasing histories and strong upside potential,” said Cushman & Wakefield’s Gary Gabriel , who headed the assignment with investment sales special- ists Andrew Merin, David Bernhaut and Brian Whit- mer . “The smooth and timely closing illustrates Prism’s
Deluccia Commercial Group arranges sale of 5.26 acres
BroadAcres Office Park Acres transition to P3RE – an organization that is well quali- fied to ensure the property’s ongoing success,” said Prism’s Edwin Cohen , principal partner. “We look forward to our ongoing involvement in this flagship asset, which is gearing up for some dra- matic aesthetic and functional changes.” Prism is currently marketing units from 1,000 s/f to full floors of 25,000 s/f at BroadAcres Office Park.
“We saw a great opportu- nity in acquiring BroadAcres, full of potential,” said P3RE’s Harvey Rosenblatt. “We are grateful to all parties involved in this smooth transition / closing. While step one which is closing, has been accom- plished, the true work begins now. Noticeable upgrades throughout Broadacres will commence within the next few weeks.” Highlights include re-branding, signage, resur-
and P3RE’s capabilities and professionalism.” Prism, which is headquar- tered onsite at 200 Broadacres Dr., will continue as Broad- Acres Office Parks’ onsite managing agent on behalf of P3RE. The new ownership’s immediate plans include a major capital improvement program, which Prism Con- struction Services will over- see. “We are thrilled to see Broad-
ALSO INside NJECA........................................19B CREW NJ....................................20B www.marejournal.com
Made with FlippingBook - Online magazine maker