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by CareyBot

Ivy Realty has announced the acquisition of 570 Broad St., a mid-rise office tower in Newark, N.J. The value of the transaction was $21 million. Ridgewood, N.J.-based Heritage Management Co. sold the 200,000-square-foot, 14-story property, which is located in Newark's North Broad Street business district. The building offers 24-hour security; four new computerized elevators; new lobby, exterior, and bathrooms; a new 460-volt, three phase electrical service; a new water service and pumping system; a 650-ton chiller with a 1,000-ton cooling tower; and a telecom switching room in the core of the building. Prior to the acquisition, Heritage Management spent $5 million renovating the building. Upon closing, Ivy intends to add $500,000 of capital improvements to the building, including the insta...