ENGLEWOOD, NJ-An affiliate of Real Estate Equities Group LLC has acquired the two-building, 27,000-sf office complex at 151-155 North Dean St. here for an undisclosed price from a private investment group. And RE Equities knows the property well–it has been the managing agent for the complex since the early 1980s and has had its headquarters here since 1978.

“The purchase provided us with a unique opportunity to buy a property 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, consists of 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 capital improvement program involving building systems and common areas, according to Greg Van Cleef, director of management for RE Equities.

As part of the purchase, a 25-year self-amortizing financing package was arranged by East Hill Realty Advisors. Placed with a Northern New Jersey-based commercial bank, the loan’s interest rate is fixed at 5.25% for the first seven years.

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