New York & Tri-State + New Jersey + Office | April 27, 2021

P3 Sells Bloomfield Office Park in Off-Market Transaction

Cresa’s Dennis Gralla, James J. Scancarella and Jonathan Marks, have arranged the sale of Broadacres Office Park in Bloomfield, NJ, bringing the buyer, ERCT Capital Group, to owner P3 Properties, which was not marketing the property at the time.

The office park consists of four Class-A buildings at 200-, 300-, and 400 Broadacres Dr., and 1455 Broad St. Each of the four-story, 98,250-square-foot buildings includes 24,562-square-foot floorplates.

“After a comprehensive search of several markets, I was able to pinpoint a location that met our clients’ very specific criteria,” said Gralla. “The problem was the property wasn’t for sale. But my motto has always been, ‘if you don’t ask, you don’t get.’”

Although a purchase price wasn’t disclosed, Progress Capital’s Brad Domenico of Progress Capital arranged a $40,000,000 acquisition loan for ERCT in the off-market deal. He worked with Jared Zimmel of Natixis Real Estate Capital.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).