MADISON, NJ-Jones Lang LaSalle's Capital Markets reports it has arranged $69.5 million in acquisition and what it terms “good news” financing for a partnership's acquisition of the 5 Giralda Farms office building here.
The financing was arranged on behalf of a partnership of Lincoln Equities Group, LLC and Lakestar Properties. NorthStar Realty Finance provided the five-year, non-recourse loan for the 463,435-square-foot office building, part of the Giralda Farms Corporate Campus.
EVP Dustin Stolly and VP Aaron Niedermayer led the JLL team on the transaction.
“This property is considered the premier corporate facility in the state of New Jersey, providing the epitome combination of quality and location,” states Stolly. “The best-in-class sponsorship, along with the expectation of a single, credit tenant to sign a long-term lease at the property, made this opportunity compelling to banks and money managers, and the process was extremely competitive.”
The office building had previously been owned and fully occupied by Pfizer's animal healthcare and nutrition division. 5 Giralda Farms offers an amenity package including a 345-seat cafeteria, conference facilities, and a 15,000-square-foot fitness center with a basketball court and locker rooms. In addition, the property features a separate 13,000-square-foot day-care facility and a 9,200-square foot carriage house.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.