"The purchase provided us with a unique opportunity to buy a property that we are eminently familiar with," says Adam J. Kent, director of finance and acquisitions for RE Equities.
The multi-tenant asset, which is currently 100% leased, consists of the five-story, 25,000-sf 155 North Dean and the single-story, 2,000-sf 151 North Dean. And it's going to get a $200,000 capital improvement program involving building systems and common areas, according to Greg Van Cleef, director of management for RE Equities.
As part of the purchase, a 25-year self-amortizing financing package was arranged by East Hill Realty Advisors. Placed with a Northern New Jersey-based commercial bank, the loan's interest rate is fixed at 5.25% for the first seven years.
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