Bloomfield, NJ office complex sells for $52M

Sale comes just four years after P3 Properties bought it for $31M

Tri-State /
Apr.April 26, 2021 07:30 AM
Progress Capital partner Brad Domenico and Broadacres Office Park (Photos via Progress Capital)

Progress Capital partner Brad Domenico and Broadacres Office Park (Photos via Progress Capital)

An office complex in Bloomfield, New Jersey, sold for $52 million in an off-market transaction.

ERCT Capital Group, a real estate investment firm based in Montclair, New Jersey, bought the four-building campus from P3 Properties, who paid $31 million for the property in 2017, according to public records. ERCT Capital was not immediately available for comment.

The Broadacres Office Park spans 398,000 square feet across three buildings at 200, 300 and 400 Broadacres Drive, and an additional one at 1455 Broad Street.

Brad Domenico of Progress Capital arranged a $40 million acquisition loan for the buyer, and Natixis Real Estate Capital was the lender.

Progress Capital said the buyer was particularly attracted to the property’s location, which is just off the Garden State Parkway. The office park recently got several upgrades, including new parking lots, and has tenant amenities such as a lounge and fitness center.

Like other regions, New Jersey’s office market has been severely affected by the pandemic. The availability rate in the first quarter climbed to 21.6 percent, up 4 percentage points compared to the same time last year, according to a report from Avison Young New Jersey.

But office properties are still selling. Most recently, Mack-Cali Realty sold its Short Hills, New Jersey, office portfolio to the Birch Group for $255 million.






    Related Articles

    arrow_forward_ios
    The New Jersey campus (Getty, JLL)
    H.I.G., Lincoln Equities land $76M loan for NJ life sciences campus
    H.I.G., Lincoln Equities land $76M loan for NJ life sciences campus
    Jordan Slone of Harbor Group and The Henry at 1 Crystal Hill Drive (Harbor Group)
    Harbor Group pays $54M for Rockland County apartment complex
    Harbor Group pays $54M for Rockland County apartment complex
    Josh Baumgarten (left) and Adam Schwartz, co-CEOs and co-Chief Investment Officers of Angelo Gordon with 2 Huntington Quadrangle, Melville, 6 and 8 Corporate Center Drive in Melville (Angelo Gordon, We're Group)
    Angelo Gordon, We’re Group score $350M refi for Long Island offices
    Angelo Gordon, We’re Group score $350M refi for Long Island offices
    Fair Housing Justice Center President Bernhard Blythe and Eastchester (Blythe Designs, Getty)
    Discrimination suit prompts Eastchester to change Section 8 housing policy
    Discrimination suit prompts Eastchester to change Section 8 housing policy
    Mack-Cali Realty CEO Mahbod Nia and River Centre in Red Bank (Mack-Cali)
    Mack-Cali offloads Red Bank office complex for $84M
    Mack-Cali offloads Red Bank office complex for $84M
    Hinchcliffe Stadium and a rendering of the restoration project (Getty, BAW Development)
    BAW scores $94M to redevelop Paterson stadium
    BAW scores $94M to redevelop Paterson stadium
    Amazon signs lease with Lincoln Equities for 360K-sf warehouse in Rutherford
    Amazon signs lease with Lincoln Equities for 360K-sf warehouse in Rutherford
    Amazon signs lease with Lincoln Equities for 360K-sf warehouse in Rutherford
    John Fareri and Villa BXV (Getty, Facebook/VillaBXV)
    Westchester developer files for bankruptcy — twice — to fight arbitration award
    Westchester developer files for bankruptcy — twice — to fight arbitration award
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...