FLORHAM PARK — A joint venture has acquired a 228,000-square-foot office building at 180 Park Avenue, under a newly announced deal by JLL’s New Jersey capital markets group.
The brokerage team represented the undisclosed seller in the transaction of the three-story complex off Route 24. Vision Properties and The Birch Group purchased the property for an undisclosed price, touting its location within a 268-acre master-planned development.
“This nonrecourse financing demonstrates there is still very attractive debt capital for best-in-class sponsors who have a proven track record, despite the market headwinds created by COVID,” he said in a prepared statement. “CBRE Global Investors did an outstanding job recognizing the merits to this financing and delivered a market-leading deal.”