Dealmaker: Cushman & Wakefield Arranges $104M in New Jersey

Cushman & Wakefield, New York, arranged $103.6 million in acquisition financing for 1300, 1350 and 1400 Merrill Lynch Drive in Hopewell, N.J.

Barclays and Morgan Stanley affiliates provided the financing to Capital Commercial Investments Inc., Austin, Texas, and its investment fund partner.

The collateral included three Class A office buildings totaling 554,000 square feet within a 12-building larger campus. Merrill Lynch, a Bank of America subsidiary, occupies nine of the 12 buildings with a lease through 2024. The other three buildings sold in 2013 and have since fully leased back up to full occupancy with smaller tenants.

Located in the Princeton, N.J./Route 1 submarket, the property supports Merrill Lynch’s Global Wealth and Investment Management operations.

A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio, Chris Moyer and Gloria Aboagye-Agyeman represented Capital Commercial Investments.

Cushman & Wakefield also sold a 10,500-square-foot mixed-use asset at 106 Franklin Street in New York. The building, located between West Broadway and Church Street in Tribeca, traded in an all-cash transaction valued at $11.5 million.

“We received a lot of interest in 106 Franklin Street from a range of investors and developers given the scarcity of vacant buildings in Tribeca,” said Cushman & Wakefield Senior Director Will Suarez, who represented the seller with Associate Director Maurice Suede. Rachel Glazer, Broker with Brown Harris Stevens, New York, represented the buyers.

The five-story building includes 2,400-square-foot floor plates and 4,200 square feet of additional air rights. It conveyed partially vacant.