{"id":1004331452,"date":"2019-06-19T08:55:44","date_gmt":"2019-06-19T16:55:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004331452"},"modified":"2019-06-19T09:53:16","modified_gmt":"2019-06-19T17:53:16","slug":"strategic-real-estate-buys-nj-office-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/strategic-real-estate-buys-nj-office-complex\/","title":{"rendered":"Strategic Real Estate Acquires NJ Office Complex"},"content":{"rendered":"<div id=\"attachment_1004331458\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/445-South-Street.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004331458\" data-attachment-id=\"1004331458\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/strategic-real-estate-buys-nj-office-complex\/445-south-street\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/445-South-Street.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"445 South Street\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;445 South Street. &lt;i&gt;Image courtesy of Yardi Matrix&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/445-South-Street.jpg?w=800\" class=\"wp-image-1004331458 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/445-South-Street.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/445-South-Street.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/445-South-Street.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/445-South-Street.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004331458\" class=\"wp-caption-text\">445 South St. <i>Image courtesy of Yardi Matrix<\/i><\/p><\/div>\n<p>Strategic Real Estate LLC has purchased 445 South St., a 320,274-square-foot, Class A corporate office complex in Morristown, N.J. CBRE\u2019s Debt &amp; Structured Finance team closed a $53.6 million loan for the all-cash acquisition.<\/p>\n<p>The seller was not disclosed, but Yardi Matrix data indicates that China Construction America, a subsidiary of&nbsp;China State Construction Engineering Corp., paid $70.1 million to purchase the asset from Advance Realty in 2013. Built in 1984, the four-story office building hosts including Travelers Insurance, Covanta Energy Corp., Marsh USA and Arch Reinsurance Co. The vacancy rate is approximately 6.6 percent.<\/p>\n<p>The suburban property was completely renovated in 2008 and has a range of amenities including an attractive two-story atrium lobby, full-service cafeteria, conference center, fitness center, outdoor basketball court and parking lot with 1,400 spaces. The site in northern New Jersey is located just off Interstate 287 and less than 1.5 miles south of the Morristown station on the Morris &amp; Essex Line.<\/p>\n<p>Morgan Stanley provided a 10-year, interest-only loan to Strategic Real Estate for the recent sale. CBRE\u2019s James Gunning, Donna Falzarano and Kyle Saviano sourced the financing and arranged the loan on behalf of the buyer.<\/p>\n<p>Last September, Morristown chalked up a major transaction when&nbsp;Harrison Street Real Estate Capital <a href=\"https:\/\/www.commercialsearch.com\/news\/new-jersey-mob-complex-fetches-135m\/\">paid&nbsp;around $135.1 million<\/a> to acquire a 538,100-square-foot medical office complex from&nbsp;National Business Parks Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company received a $53.6 million loan to purchase the more than 320,000-square-foot asset in Morristown. The building counts Travelers Insurance among its tenants.<\/p>\n","protected":false},"author":744,"featured_media":1004331458,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1600,10,21747],"tags":[32789,32774,45956],"class_list":["post-1004331452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-new-york","category-northeast","category-office","tag-cbre","tag-morgan-stanley","tag-strategic-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Strategic Real Estate Acquires NJ Office Complex - 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\/strategic-real-estate-buys-nj-office-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strategic Real Estate Acquires NJ Office Complex\" \/>\n<meta property=\"og:description\" content=\"The company received a $53.6 million loan to purchase the more than 320,000-square-foot asset in Morristown. The building counts Travelers Insurance among its tenants.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/strategic-real-estate-buys-nj-office-complex\/\" \/>\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=\"2019-06-19T16:55:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-19T17:53:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/445-South-Street.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/\"},\"author\":{\"name\":\"Greg Isaacson\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1a92010198045e41b0b801129a41b3d8\"},\"headline\":\"Strategic Real Estate Acquires NJ Office Complex\",\"datePublished\":\"2019-06-19T16:55:44+00:00\",\"dateModified\":\"2019-06-19T17:53:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/\"},\"wordCount\":240,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/06\\\/445-South-Street.jpg\",\"keywords\":[\"CBRE\",\"Morgan Stanley\",\"Strategic Real Estate\"],\"articleSection\":[\"Deals\",\"Finance\",\"Investment\",\"New York\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/\",\"name\":\"Strategic Real Estate Acquires NJ Office Complex - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/06\\\/445-South-Street.jpg\",\"datePublished\":\"2019-06-19T16:55:44+00:00\",\"dateModified\":\"2019-06-19T17:53:16+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1a92010198045e41b0b801129a41b3d8\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/strategic-real-estate-buys-nj-office-complex\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/06\\\/445-South-Street.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/06\\\/445-South-Street.jpg\",\"width\":800,\"height\":620,\"caption\":\"445 South Street. 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