The Deals Tri State News Prism Capital Partners Sells BroadAcres Ofﬁce Park in Bloomﬁeld, NJ, to P3RE Properties Prism Capital Partners and an institutional partner have sold the landmark, 380,000-square-foot BroadAcres Ofﬁce Park in Bloomﬁeld to P3RE. Cushman & Wakeﬁeld’s Metropolitan Area Capital Markets Group orchestrated the off-market trade, which closed in March. The four-building, 20-acre property is located along the Garden State Parkway, between exits 151 and 153, near the interchang-es of routes 3 and 46. “This transaction illustrates the liquidity for suburban ofﬁce space in northern New Jersey, particularly for established properties with solid leasing histories and strong upside potential,” noted Cushman & Wakeﬁeld’s Gary Gabriel, who headed the assignment with investment sales specialists An-drew Merin, David Bernhaut and Brian Whitmer. “The smooth and timely closing illustrates Prism’s and P3RE’s capabilities and professionalism.” onsite managing agent on behalf of P3RE. The new ownership’s immediate plans include a major capital improvement program, which Prism Construction Services will oversee. “We are thrilled to see BroadAcres transition to P3RE—an or-ganization that is well qualiﬁed to ensure the property’s ongoing success,” noted Prism’s Edwin Cohen, principal partner. “We look forward to our ongoing involvement in this ﬂagship asset, which is gearing up for some dramatic aesthetic and functional changes.” Prism is currently marketing units from 1,000 square feet to full ﬂoors of 25,000 square feet at BroadAcres Ofﬁce Park. Highlights include re-branding, signage, resurfaced parking lots, new exterior lighting, building common area renovations, gym and other enhanced amenities. Prism, which is headquartered onsite at 200 Broadacres Drive, will continue as BroadAcres Ofﬁce Parks’ exclusive leasing and Wayne L. Kasbar Joins Colliers International in Parsippany, NJ Wayne L. Kasbar, a leading trans-actional broker in New Jersey commercial real estate, has joined Colliers International Group Inc. in Parsippany as a managing direc-tor, announced David A. Simon, SIOR, executive managing director and New Jersey market leader. In his new position, Kasbar will focus on the retail sector. An active broker in Manhattan, he moved his real estate practice to Wayne L. Kasbar New Jersey in 2002. He was a member of Trammel Crow’s retail leasing team and continued in that role after CBRE acquired the ﬁrm. Just prior to his new 34 | MR May 2017 position at Colliers, Kasbar was a top producer at Silbert Realty & Management Company, Inc., where he had oversight of the brokerage team. He has more than 27 years of transactional brokerage experience and, over the past decade, has been involved in $50 million annually in lease transactions. He is a resident of Summit. “The retail industry continues to evolve,” said Kasbar. “And the retail real estate service community needs to keep pace. Histori-cally, the retail brokerage landscape was deﬁned by regionalized, boutique brokerage houses. As national retail brands expand their store presence and face increasing pressure to open stores in the tier one markets/properties, the legacy transactional service com-munity is often challenged to keep up with the information, soft-ware and personnel demands.