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MORRIS TWP., NJ-As reported recently, Strategic Capital Partners invested in Advance at Southgate, a 320,274-sf building at 445 South St. here. That investment was made on behalf of its Strategic Partners Value Enhancement Fund, and neither Strategic nor primary owner Advance Realty Group of Bedminster would reveal any details.

Now, more information on the transaction has emerged, provided by Martin Klebanoff, SVP and managing director in the Parsippany office of NorthMarq Capital, who arranged the joint venture. Specifically, the amount of Strategic’s investment in the building has been pegged at $15 million, and the transaction closed in a very short period of time.

“It was negotiated and completed in just 60 days, and provided highly favorable joint venture terms,” Klebanoff says. “We were able to act quickly for our client by capitalizing on NorthMarq’s long-term relationship with both organizations.”

Advance bought the building, once occupied by AT&T but currently vacant, from Lawrence Zirinsky Associates and Regency Savings Bank in 2005 for an undisclosed price, and has since spent $15 million to upgrade it and return it to the market. Advance at Southgate, formerly known as the Southgate III building within the three-building Southgate Corporate Center, is expected to be ready for occupancy by the end of the year. The space is currently listed with an asking price of $32.50 per sf for 10- to 15-year terms.

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