Progress Capital partner Brad Domenico and Broadacres Office Park (Photos via Progress Capital)
An office complex in Bloomfield, New Jersey, sold for $52 million in an off-market transaction.
ERCT Capital Group, a real estate investment firm based in Montclair, New Jersey, bought the four-building campus from P3 Properties, who paid $31 million for the property in 2017, according to public records. ERCT Capital was not immediately available for comment.
The Broadacres Office Park spans 398,000 square feet across three buildings at 200, 300 and 400 Broadacres Drive, and an additional one at 1455 Broad Street.
Brad Domenico of Progress Capital arranged a $40 million acquisition loan for the buyer, and Natixis Real Estate Capital was the lender.
Progress Capital said the buyer was particularly attracted to the property’s location, which is just off the Garden State Parkway. The office park recently got several upgrades, including new parking lots, and has tenant amenities such as a lounge and fitness center.
Like other regions, New Jersey’s office market has been severely affected by the pandemic. The availability rate in the first quarter climbed to 21.6 percent, up 4 percentage points compared to the same time last year, according to a report from Avison Young New Jersey.
But office properties are still selling. Most recently, Mack-Cali Realty sold its Short Hills, New Jersey, office portfolio to the Birch Group for $255 million.
