PARSIPPANY, NJ-UBS Global Asset Management has picked up a $20-million first mortgage secured by its ownership share in 9 Entin Rd., a 197,000-sf, three-story office building on 15 acres here. As reported by GlobeSt.com, UBS, on behalf of one of its value-added funds, teamed up with Lincoln Property Co. just more than a year ago to buy the asset from Hartz Mountain Industries for $26.8 million, or about $136 per sf.
The 36-month, fixed-rate loan was provided by ING Investment Management in a transaction arranged by Dana Brome and Susan Larkin of the Hartford office of Holliday Fenoglio Fowler. HFF will also service the loan.
“The borrower purchased 9 Entin Rd. in June 2006 and took the opportunity to raise occupancy by reconfiguring the access road, which originally was only accessible from the southbound side of I-287,” Brome says. “After reconfiguring the roadway connecting Entin Rd. to the adjacent Macl-Cali Business Campus, tenancy rose from 47% to 74%, and is continuing to rise.”
The latest tenant signing came just last month when DuPont subsidiary Belco took 23,000 sf. And earlier this year, Daiichi Sankyo signed a lease for 32,000 sf, joining AIU Insurance and Emerson Radio Corp. on the tenant roster. Besides the roadway reconfiguration, 9 Entin Rd. has also gotten common area upgrades since it was acquired.
posted by Jones Lang LaSalle NJ News Blog at 12:19 PM
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