Harvey Rosenblatt’s P3 Properties has sold the 397,940 s/f Broadacres Office Park in Bloomfield, NJ, in an off-market deal with ERCT Capital Group.
Cresa managing principals Dennis Gralla and James J. Scancarella, along with principal Jonathan Marks, represented the buyer.
The office park consists of four Class-A buildings at 200-, 300-, and 400 Broadacres Drive, and 1455 Broad Street. Each of the four-story, 98,250-square-foot buildings includes 24,562-square-foot floorplates.
Built in 1976 and renovated in 2001, the property has 1,226 free surface parking spaces, a newly-built gym, surf fitness, and tenant lounge. The on-site cafeteria has been modernized, renovations made to the lobbies and bathrooms and LED lighting installed throughout.
“After a comprehensive search of several markets, I was able to pinpoint a location that met our clients’ very specific criteria,” said Gralla. “The problem was the property wasn’t for sale. But my motto has always been, ‘if you don’t ask, you don’t get.’”
According to Gralla, following extensive negotiations, the parties were able to strike an agreement benefitting both the buyers and seller. Public records show P3 paid $31 million for the property in 2017.
Sibel Oz, managing director of ERCT Capital Group, said, “We are very excited about the purchase of Broadacres Office Park, its prospects and what it could become. We thank Dennis Gralla and his team to bring us this opportunity.”
Natixis Real Estate Capital funded a $40 million acquisition loan for the deal. Brad Domenico of Progress Capital arranged the full term, interest only loan on a non-recourse basis.
The office park, which is located off the Garden State Parkway, is in close proximity to Newark International and Teterboro Airports, Montclair NJT commuter rail and other public transportation, shopping centers and the Meadowlands Sports Complex. Tenant occupancy in all four buildings averages 91 percent, at present.