Jones Lang LaSalle’s (JLL) Capital Markets division has secured $69.8 million in acquisition and “good newsˮ financing for the purchase of a New Jersey office building.
Lincoln Equities Group and Lakestar Properties have purchased the 463,435 s/f former Pfizer Class A+ building in Madison, NJ, within the Giralda Farms Corporate Campus. NorthStar Realty Finance provided the five-year, non-recourse loan. Good news financing is additional money put in place for tenant upgrades, etc. to the property.
The property had previously been owned and fully occupied by Pfizer’s animal healthcare and nutrition division.
Said Stolly, “The best-in-class sponsorship, along with the expectation of a single, credit tenant to sign a long-term lease at the property, made this opportunity compelling to banks and money managers, and the process was extremely competitive.”