Cushman & Wakefield served as the exclusive advisor to Capstone Realty Group in arranging $28.5 million of financing secured by 50 Tice Boulevard in Woodcliff Lake, New Jersey.
The three-year, floating rate financing was provided by Blue Vista Finance.
Built in 1984, the property totals 247,614 s/f and is currently 82 percent occupied with approximately 30 percent rolling in the near term.
The property is leased to tenants from a diverse set of industries including the pharmaceutical, legal services, and financial services industry.
Additionally, the property offers easy access to and from the state’s primary north/south highway, the Garden State Parkway, and is within close proximity to I-80, I-287, the New Jersey Turnpike/I-95, and NYC.
A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio, Sridhar Vankayala and
Andre Hass represented Capstone Realty Group in the transaction.
The Cushman & Wakefield team worked alongside Rob Friedberg, Managing Principal of Capstone Realty Group, who managed the acquisition and investment in-house.
“Capstone saw an opportunity to revitalize and reintroduce an asset that historically was the leader in market rents and amenities in the Woodcliff Lake sub-market,” said Alascio.