"The purchase provided us with a unique opportunity to buy aproperty 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, consistsof 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 capitalimprovement program involving building systems and common areas,according to Greg Van Cleef, director of management for REEquities.
As part of the purchase, a 25-year self-amortizing financingpackage was arranged by East Hill Realty Advisors. Placed with aNorthern New Jersey-based commercial bank, the loan's interest rateis fixed at 5.25% for the first seven years.
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