MORRIS TWP., NJ-Strategic Capital Partners, via its Strategic Partners Value Enhancement Fund, has invested in Advance at Southgate, a 320,274-sf class A office building at 445 South St. here. In the transaction, SCP hooks up with the Bedminster-based owner of the asset, Advance Realty Group. The parties involved declined to disclose the details of SCP's investment.
"We are investing with a company with a strong reputation and track record," says Laurie Smith, SVP of acquisitions for the Chicago-based SCP. "Our investment in this asset provides an opportunity to enter the strong class A market with the construction risk already completed."
The building is currently vacant but has been repositioned by Advance, which bought it in late 2005 from Lawrence Zirinsky Associates and Regency Savings Bank. As reported by GlobeSt.com, Advance has subsequently spent $15 million to upgrade the entire structure, which was at one time occupied by AT&T.
That makeover is nearly finished, Advance and SCP report, and is slated to be ready for occupancy by the end of this year. The availability is currently being marketed by CB Richard Ellis, which has the space listed with an asking price of $32.50 per sf and for 10-year to 15-year terms.
Once known as Southgate III, the building is part of the three-building Southgate Corporate Center. The other two buildings, totaling a combined 400,000 sf, remain in the hands of the New York City-based Zirinsky.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.