Parsippany's 4 Gatehall Drive clocks in at 265,000 square feet
The Birch Group obtained $31.3 million in acquisition financing for its purchase of a Class-A Parsippany office property.
Cushman & Wakefield announced it served as exclusive advisor to The Birch Group in the procurement of a three-year loan from Money360 for the acquisition of 4 Gatehall Drive on Nov. 19.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan and Meredith Donovan represented The Birch Group.
At 265,649 square feet, 4 Gatehall serves as the corporate headquarters for tenants including B&G Foods, McCabe Heidrich & Wong, GSH Group and Esseco USA. It features recently renovated amenities, concluding a full-service cafeteria, fitness center and conference facility.
According to a statement from Alascio, the quality of 4 Gatehall’s tenants and its location – at the intersection of Routes 202 and 10, 2 miles from Interstates 287 and 80 – drove a competitive capital markets execution.
Cushman & Wakefield said that The Birch Group will continue capital improvements at the property, with planned updates for the building’s exterior, front and rear lobbies, restrooms and common areas.
“Money360 was quickly able to recognize the project’s compelling value proposition and worked with the sponsor to provide creative loan terms tailored to meet their unique needs,” Kohaut said. “This accretive financing will provide The Birch Group with the flexibility to successfully execute their business plan.”
The Birch Group Executive Vice President Christopher DeLorenzo expressed optimism about the prospects for the property.
“With recently upgraded amenities and our additional improvements at 4 Gatehall combined with the property’s prime location in the heart of the Morris County business corridor, we see tremendous upside with this asset,” he said in a statement."