PARSIPPANY, NJ, September 26, 2007 – Martin Klebanoff, Senior Vice President & Managing Director in the Northern New Jersey Regional Office of NorthMarq Capital, Inc.(NorthMarq), arranged a joint venture equity partnership for Advance at Southgate, a 320,274-square-foot, speculative Class A office building in Morristown, New Jersey.
Strategic Capital Partners, via its Strategic Partners Value Enhancement Fund, invested $15 million in the partnership which is controlled by the building’s owner, Advance Realty Group, a prominent New Jersey-based development organization.
According to Mr. Klebanoff, the transaction was negotiated and completed in just 60 days and provided highly favorable joint venture terms.
“We were able to act quickly for our client by capitalizing on NorthMarq’s long-term relationship with both organizations to bring together two partners who shared a vision for the value to be created in this prime asset,” Mr. Klebanoff said.
Acquired by Advance in 2005, the well-located, vacant building is undergoing a total renovation and repositioning and will be ready for occupancy later this year.
NorthMarq Capital, Inc., a national real estate investment banker headquartered in Minneapolis with 28 regional offices coast-to-coast, provides commercial real estate debt and equity financing and commercial loan servicing. NorthMarq Capital provides more than $13 billion in annual production volume and services a loan portfolio of more than $34 billion. NorthMarq also provides real estate investment consulting services for public and private clients nationally through its consulting group, NorthMarq Advisors, LLC.
