$28M Set for 280,000-SF Office Portfolio

PARSIPPANY, NJ-Ivy Equities and Urdang Capital Management have obtained acquisition funding totaling $27.65 million for their jointly owned Lanidex Executive Center here. Ivy and Urdang acquired the six-building, 280,000-sf campus-style office complex in May from Transwestern Realty Services for an undisclosed price.

According to Jay Marshall, senior managing director of Holliday Fenoglio Fowler in that firm’s New York City office, who arranged the deal, the three-year, 5.5% fixed-rate acquisition loan was placed through Hartford Investment Management Co. “The structure of the loan is consistent with a strategy we have maintained over the past several years,” Marshall says. “We have been advising our borrowers to pursue short-term, fixed-rate acquisition financing with our life companies instead of the traditional LIBOR-based bank or securitized loans. The life companies have been willing to provide minimal pre-payment penalties, which have been more than offset by the interest rate savings provided by the fixed-rate transaction.”

Located on 50 acres at 200-700 Lanidex Plaza East near the intersection of I-80 and I-287, the half-dozen two- and three-story buildings are currently just over 90% leased. Tenants include the headquarters of Kings Supermarkets Inc., along with i2 Technologies, Vercuity, Moore North America, Lanier Worldwide, Cisco Systems and Cornell-Mayo.