{"id":1004171158,"date":"2017-04-04T23:34:29","date_gmt":"2017-04-05T07:34:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004171158"},"modified":"2022-12-08T19:36:58","modified_gmt":"2022-12-09T03:36:58","slug":"p3re-aquires-broadacres-office-park-for-32m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/","title":{"rendered":"P3RE Acquires BroadAcres Office Park for $32M"},"content":{"rendered":"

By Razvan Cimpean<\/em><\/p>\n

\"BroadAcres

BroadAcres Office Park – 1455 Broad Street<\/p><\/div>\n

Phase 3 Real Estate Partners (P3RE), through Meridian Capital Group, secured $24 million in financing for the acquisition of the\u00a0BroadAcres Office Park from Prism Capital Partners in Bloomfield, N.J.<\/p>\n

The\u00a0three-year loan was negotiated by Meridian’s Senior Managing Director Abe Hirsch, Managing Director Matthew Texler and Analyst Paul Kim. The loan includes floating rate with full-term interest-only payments and two one-year extension options.<\/p>\n

Gary Gabriel, Andrew Merin, David Bernhaut and Brian Whitmer\u00a0from\u00a0Cushman & Wakefield represented Prism in the sale. According to Yardi Matrix data, Prism acquired the office park\u00a0in 2006 from Alfieri Property Management for $52.8 million. Prism will remain the property’s exclusive leasing and on-site managing agent on behalf of P3RE.<\/p>\n

The 380,000-square-foot property is divided into four four-story buildings, located at\u00a0200, 300, 400 Broadacres Drive and 1455 Broad St., respectively. The property\u00a0features office space, outdoor courtyard and patio area. Tenants include Bechter, Dewberry, Randa Luggage\u00a0and Munzing LLC. BroadAcres Office Park\u00a0will undergo rebranding and a renovation process, which will include resurfaced parking lots, new exterior lighting, common area renovations, gym and other enhanced amenities.\u00a0The asset was 72 percent occupied at the time of the transaction.<\/p>\n

The loan structure will allow for this conveniently located asset to achieve its full leasing potential through a more focused rebranding program, and more aggressive leasing strategy<\/em>, said Texler in prepared remarks.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Meridian Capital Group secured financing for the company and Cushman & Wakefield represented the Bloomfield, N.J.-based seller, Prism Capital Partners.<\/p>\n","protected":false},"author":753,"featured_media":1004171295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1600,21742,10],"tags":[32799,33375,34750,34749],"class_list":["post-1004171158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-meridian-capital-group","tag-phase-3-real-estate-partners","tag-prism-capital-partners"],"acf":[],"yoast_head":"\nP3RE Acquires BroadAcres Office Park for $32M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"P3RE Acquires BroadAcres Office Park for $32M\" \/>\n<meta property=\"og:description\" content=\"Meridian Capital Group secured financing for the company and Cushman & Wakefield represented the Bloomfield, N.J.-based seller, Prism Capital Partners.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-05T07:34:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:36:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BroadAcres-Office-Park-1455-Broad-Street.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/\",\"name\":\"P3RE Acquires BroadAcres Office Park for $32M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BroadAcres-Office-Park-1455-Broad-Street.jpg\",\"datePublished\":\"2017-04-05T07:34:29+00:00\",\"dateModified\":\"2022-12-09T03:36:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BroadAcres-Office-Park-1455-Broad-Street.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BroadAcres-Office-Park-1455-Broad-Street.jpg\",\"width\":800,\"height\":600,\"caption\":\"BroadAcres Office Park - 1455 Broad Street\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"P3RE Acquires BroadAcres Office Park for $32M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6\",\"name\":\"Razvan Cimpean\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g\",\"caption\":\"Razvan Cimpean\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/razvancimpean\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"P3RE Acquires BroadAcres Office Park for $32M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/","og_locale":"en_US","og_type":"article","og_title":"P3RE Acquires BroadAcres Office Park for $32M","og_description":"Meridian Capital Group secured financing for the company and Cushman & Wakefield represented the Bloomfield, N.J.-based seller, Prism Capital Partners.","og_url":"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-04-05T07:34:29+00:00","article_modified_time":"2022-12-09T03:36:58+00:00","og_image":[{"width":800,"height":600,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BroadAcres-Office-Park-1455-Broad-Street.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/","url":"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/","name":"P3RE Acquires BroadAcres Office Park for $32M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BroadAcres-Office-Park-1455-Broad-Street.jpg","datePublished":"2017-04-05T07:34:29+00:00","dateModified":"2022-12-09T03:36:58+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BroadAcres-Office-Park-1455-Broad-Street.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BroadAcres-Office-Park-1455-Broad-Street.jpg","width":800,"height":600,"caption":"BroadAcres Office Park - 1455 Broad Street"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/p3re-aquires-broadacres-office-park-for-32m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"P3RE Acquires BroadAcres Office Park for $32M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6","name":"Razvan Cimpean","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","caption":"Razvan Cimpean"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/razvancimpean\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BroadAcres-Office-Park-1455-Broad-Street.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004171158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004171158"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004171158\/revisions"}],"predecessor-version":[{"id":1004612713,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004171158\/revisions\/1004612713"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004171295"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004171158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004171158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004171158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}