Historic Bloomfield industrial building converted into loft apartments is sold for 100M

Joshua Burd//November 12, 2014//

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The development group that transformed a historic Bloomfield industrial building into 361 loft-style apartments has sold the property for more than $100 million.The group, Prism Capital Partners and an institutional investor, sold the eight-story building to Clarion Partners, according to brokerage firm CBRE. The deal comes only a year after the Prism opened the first phase of the high-profile project, which took place alongside the Garden State Parkway and was some six years in the making.

Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE’s Institutional Properties team represented Prism and its partner, the brokerage said in a news release.

The community of high-ceilinged, luxury-style apartments occupies what was a General Electric Warehouse built in 1915. Prism’s rehabilitation of the property is seen as a signature project in New Jersey’s thriving multifamily residential sector.

Earlier this month, Parkway Lofts marked the milestone of being 50 percent leased.

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