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Follow on Google News | NAIOP N.J. to Honor Prism Capital Partners with Impact AwardBloomfield Firm Credited as Commercial Real Estate Industry Trendsetter
By: Caryl Communications The 11-year-old, privately owned Prism considers itself an "old-fashioned" "Prism epitomizes the type of forward-thinking company that has made New Jersey's commercial real estate industry one of the nation's best," said Michael McGuinness, NAIOP NJ's CEO. "Through the economic downturn and now, with the market's newfound positive trajectory, this company has continued to identify opportunities, raise capital, refinance properties, and buy and develop some of New Jersey's most exciting real estate ventures." For example, in Bloomfield, Prism recognized the intrinsic value of an obsolete, century-old General Electric industrial building fronting on the Garden State Parkway - now being re-born as The Parkway Lofts. The $100 million, multi-family adaptive reuse project's Phase I includes 365 loft-style apartments that will welcome renters beginning this fall. The firm plans to commence construction of Phase II later this year, consisting of 170 for-sale townhouses with a clubhouse and pool. Similarly, the firm is gearing up to launch construction for Phase I of Edison Village on Main Street in downtown West Orange. That $230 million project - located across from Llewellyn Park, the country's first planned residential community - centers on the industrial-to- Prism's diversified growth reflects its ability to embrace opportunities. Its involvement with 399 Jefferson Road in Parsippany - Prism's very first investment in 2003 - provides a case in point. The firm sold the 178,000-square- Progress at Prism's BroadAcres Office Park in Bloomfield illustrates the firm's commitment to maximizing efficiencies and providing impeccable service. After acquiring the 380,000-square- Highlighting the firm's commitment and belief in the New Jersey Office Market, Prism executed its largest office acquisition to date, purchasing the eight-building 800,000- square-foot Princeton Pike Corporate Center, from Brandywine Realty. This acquisition provides a foothold in one of New Jersey's most dynamic office markets along with opportunities for future development through the availability of 350,000 square feet of approved development sites within the Campus. Cohen and partner, Eugene Diaz, have expanded Prism Capital Partners judiciously and with a great deal of discretion. They credit the team they have assembled for the firm's success. "We are deeply honored by the NAIOP Impact Award, which really recognizes the work of the passionate, highly skilled professionals who share our vision, and understand that each transaction and property situation brings its own challenges and sophisticated requirements," Gala tickets are on sale now, with details available at www.naiopnj.org/ End
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