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BRIDGEWATER, NJ-Fortis Property Group of New York and its affiliates have acquired the 224,313-sf office building at 1001 Frontier Rd. here for an undisclosed price. A financing package totaling $42 million arranged by Meridian Capital Group is part of the transaction, GlobeSt.com has learned.

“The financing we secured was for the purchase of the building,” Seth Grossman, vice president of capital markets for Meridian, tells GlobeSt.com. Grossman and Meridian colleague David Rosenberg arranged the financing, a 10-year, interest-only debt package. The source of the funding was not disclosed.

A spokesman declined to confirm the identity of the seller. However, the asset had been listed in the portfolio of the San Mateo, CA-based Glenborough Realty Trust until very recently. Glenborough, of course, was acquired by Morgan Stanley Real Estate in 2006 and has sold a number of its assets, particularly in the Northeast, since then. As reported by GlobeSt.com, Normandy Real Estate Partners picked up a dozen Glenborough office buildings in three states and Washington, DC for $538 million in November.

The building is fully leased to New York City-based apparel giant Phillips Van Heusen, which uses the site as a headquarters for its customer service and other administrative functions. As reported by GlobeSt.com, PVH renewed its existing lease with Glenborough for approximately 153,000 sf in early 2005, and subsequently leased the remaining 71,000 sf this past July. PVH, whose lease now runs through 2020, also sublets a small portion of the three-story building to Hewlett-Packard.

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