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MORRIS TWP., NJ-The New York City-based Lawrence Zirinsky Associates and its management arm, National Business Parks, closed on the acquisition of 465 South St., a 139,000-sf office building here earlier this month, buying it from MassMutual. Now it has been reported that the transaction was completed with the help of $17 million in acquisition financing provided by Wrightwood Capital.

Built in 1989 and subject to capital improvements three years ago, the multi-tenant building is one of three the Zirinsky/NBP pairing now owns and manages within Southgate Corporate Center. The asset was acquired with 50,000 sf, or 36% of its space, vacant.

“The property is attractive to small to mid-size tenants wanting to be in an established corporate park,” says George O’Brien, senior director-investments in Wrightwood Capital’s Norwalk, CT office. “The sponsor owns other properties in the office park and has been successful in managing the properties while raising the occupancy levels to 100%.”

The financing was sourced through Bill Fielder of Ridgefield Financial, Ridgefield, CT. The funding also represents to first transaction between Wrightwood Capital and the sponsor.

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