Alfred Sanzari Enterprises has secured a $32 million loan for two Class A office buildings in Teaneck, N.J. JLL Capital Markets arranged the 10-year, fixed-rate loan for Glenpointe Centre East and Atrium at Glenpointe on behalf of the owner. The deal was secured through Securian Asset Management and involved funds from Minnesota Life Insurance Co.
The transaction replaced previous debt, a $30.3 million loan from Massachusetts Mutual Life Insurance Co., according to CommercialEdge data. The note expired earlier this month.
Completed in 1982, the properties are part of the 50-acre Glenpointe mixed-use campus. Glenpointe Centre East has 240,000 square feet of Class A office space in a seven-story building, while Atrium at Glenpointe is a two-story property with 80,000 square feet of office space. Both assets share the campus’ amenities, including the 26,000-square-foot Glenpointe Fitness, a health club and spa, 730 surface parking spaces and a four-level parking garage.
The buildings are located at 300-400 Frank W. Burr Blvd. in Northern New Jersey’s Bergen County, with nearby access to interstates 80 and 95, Garden State Parkway and the NY State Thruway. Teaneck Creek Conservancy is less than a mile west, while Teterboro Airport is some 4 miles in the same direction. Downtown Manhattan is some 11 miles southeast.
The JLL team that represented the borrower comprised Senior Managing Director Thomas Didio, Senior Director Thomas Didio Jr. and Analyst Salvatore Buzzerio. Earlier this month, another JLL Capital Markets team represented American Real Estate Partners in the sale of a 250,000-square-foot office building in Northern New Jersey.