An office complex in Bloomfield, New Jersey sold for $52 million. ERCT Capital Group, a real estate investment firm based in Montclair, New Jersey. It bought the four-building campus from P3 properties. P3 properties paid $31 million for the property in 2007. Though, ERCT Capital was not available for any comment.
The Broadacres Office Park stretches 398,000 square feet across three buildings at 200, 300, and 400 Broadacres Drive. And Further, one at 1455 Broad Street. Brad Domenico of Progress Capital helps a buyer with a loan of $40 million. The lender was Natixis Real Estate Capital.
Progress Capital addressed that buyer specifically attracted to the property’s location. The location is just near the Garden State Parkway. Moreover, the office park was recently upgraded. In addition, new parking space, and tenant’s facilities. For example, lounge and fitness center.
Like other divisions, New Jersey’s office market drastically affected by the Coronavirus pandemic. The availability rate has increased to 21.6 percent. Compared to last year it has increased by 4 percentages. Still, the office properties are selling. Birch Group bought Short Hills, New Jersey from Mack-Cali for $255 million.