Broadacres Office Park in Bloomfield
(Editor’s note: This story was updated on Friday, April 23, with information from Progress Capital, which arranged acquisition financing.)
By Joshua Burd
Investment firm P3 Properties has sold a four-building office park in Bloomfield, in a newly announced transaction by Cresa’s New Jersey team.
The brokerage firm said its client, ERCT Capital Group, purchased the roughly 380,000-square-foot Broadacres Office Park in partnership with MAVeCap LLC. The off-market sale of the four-story, 98,250-square-foot buildings — located at 200, 300 and 400 Broadacres Drive and 1445 Broad St. — comes four years after P3 purchased and embarked on a series of upgrades at the highly visible complex.
Cresa managing principals Dennis Gralla and James J. Scancarella and Principal Jonathan Marks brokered the deal, the terms of which were not disclosed. Brad Domenico of Progress Capital arranged a $40 million acquisition loan for the buyer.
“After a comprehensive search of several markets, I was able to pinpoint a location that met our clients’ very specific criteria,” Gralla said. “The problem was the property wasn’t for sale. But my motto has always been, ‘If you don’t ask, you don’t get.’ ”
Built in 1976 and renovated in 2001, Broadacres includes 1,226 surface parking spaces, a newly built gym and a tenant lounge, according to a news release. The site also features a modern cafeteria, updated lobbies and bathrooms and LED lighting throughout the buildings.
“We are very excited about the purchase of Broadacres Office Park, its prospects and what it could become,” said Sibel Oz, managing director of ERCT Capital Group. “We thank Dennis Gralla and his team to bring us this opportunity.”
The office park, which is just west of the Garden State Parkway, is a short drive from Newark Liberty International and Teterboro airports and other destinations in North Jersey. Occupancy at the four buildings currently averages 91 percent, Cresa said.
“We saw the value in Broadacres from day one,” said P3 Properties’ Harvey Rosenblatt, whose firm bought the complex in 2017 from Prism Capital Partners. “We put the capital and effort into the asset and it really worked. We are thankful to the Cresa team for all its incredible efforts in getting this done for everyone.”
Domenico sourced the acquisition financing through Jared Zimmel of Natixis Real Estate Capital, which provided a full-term, interest-only loan on a non-recourse basis.