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Some see what’s standing there.We see what it could be.

P3 PropertiesApproach

Approach

How we look
at a property.

Every property comes with assumptions about what the space is for, how the deal should be structured and what a tenant will accept. We question them and look at the alternatives. Then we answer for the result while we own the property.

  1. 01What we sawThe property as we found it, and the assumptions that came with it.
  2. 02What we thoughtThe alternatives, and the one that made sense for this property and this market.
  3. 03What we didThe work during ownership: leasing, building, operating, financing.
  4. 04What changedThe result, and what kind it is: a sale, a refinance or an appraisal.

Where we have found the value

Below are our properties in the order we bought them, each in three parts: what we saw, where we found the value and what changed. Each property’s own page has all four steps and the figures behind them, or see all our properties.

2016Stop 01 of 08Sold

Smithville Square

Galloway, NJ · Retail redevelopment · 107,000 SF

Storefronts at Smithville Square
Smithville Square · Galloway, NJ
$4.2M
Purchase price, March 2016
$13.7M
Sale price, August 2024
8.5 years
Hold
18%
Levered net IRR

What we saw

Under 50% occupied when we bought it.

Where we found the value

  • Identity

    We gave the center a clear local identity and rebranded it.

  • Use of the site

    We renovated the site and façade first, so shoppers saw the change.

  • Operations

    We kept leasing for years until Curexa signed for 50,000 SF as the anchor.

What changed

Sold after the anchor lease.

Go to the Smithville Square page

2017Stop 02 of 08Sold

Broadacres Office Park

Bloomfield, NJ · Office value-add · 385,000 SF

The pond and fountain at Broadacres
Broadacres Office Park · Bloomfield, NJ
$31M
Purchase price, March 2017
$52.8M
Sale price, May 2021
4 years
Hold
20.37%
Levered net IRR

What we saw

Four aging buildings with no shared identity.

Where we found the value

  • Identity

    We put four separate buildings under one brand, with new signs and wayfinding.

  • Use of the site

    We added a ShopRite ground lease on the campus, a second source of income.

  • Operations

    A gym, a café and more than 20 leases took occupancy from about 72% to about 95%.

What changed

Sold for $52.8M in May 2021.

Go to the Broadacres Office Park page

2017Stop 03 of 08Recapitalized

MCC Blue

Parsippany, NJ · Office repositioning · 530,000 SF

The BLUE wall inside MCC Blue
MCC Blue · Parsippany, NJ
$60M
Purchase price, December 2017
$113M
Recapitalization valuation, May 2021
3+ years
To the recapitalization
21.99%
Levered net IRR for the period

What we saw

One numbered building among others.

Where we found the value

  • Identity

    It was one of the numbered Morris Corporate Center buildings. We gave it a name of its own, BLUE, and a new lobby, so it stood out.

  • Operations

    We leased more than 386,000 SF in under six months, including TEVA’s North American headquarters.

  • Deal structure

    We recapitalized it at a $113M valuation, against the $60M we paid, and still own it.

  • Zoning

    We got the site approved for residential, in case it is ever needed.

What changed

Recapitalized at $113M.

Go to the MCC Blue page

2019Stop 04 of 08Refinanced

Heron Lakes

Columbia, SC · Multifamily renovation · 216 units

The pool and clubhouse at Heron Lakes
Heron Lakes · Columbia, SC
$24M
Purchase price, May 2019
$26.5M
Santander refinance, September 2022
$44.3M
Highest offer received (letters of intent, not a sale)
216
Units, all renovated

What we saw

A steady community, under-earning.

Where we found the value

  • Operations

    We renovated all 216 units over two and a half years and raised rents.

  • Deal structure

    Offers came in as high as $44.3M. We kept it and refinanced with Santander at $26.5M, returning capital.

What changed

Kept it, and returned capital.

Go to the Heron Lakes page

2022Stop 05 of 08Refinanced

CoxCro Center

Toms River, NJ · Ground-up development · 42,000 SF retail · 30,000 SF office

The CoxCro retail building and parking
CoxCro Center · Toms River, NJ
+33%
Approved space added through zoning
$35–50
Rent achieved, per SF NNN
$28
Rent underwritten, per SF
72,000 SF
Delivered

What we saw

Raw land in a growing corridor.

Where we found the value

  • Zoning

    We got 33% more space approved through zoning.

  • Use of the site

    We built the retail first, with a drive-thru layout and end caps that rent at a premium.

What changed

Leases at $35 to $50 a foot, against $28 underwritten.

Go to the CoxCro Center page

2022Stop 06 of 08Refinanced

Henson Creek

Temple Hills, MD · Multifamily stabilization · 450 units

The Henson Creek sign and planting
Henson Creek · Temple Hills, MD
$99M
Purchase price, March 2022
75% → 92%
Collections
$84M
Freddie Mac permanent loan
April 2025
Distributions began

What we saw

Low collections and deferred management.

Where we found the value

  • Operations

    A detailed screening and renewal program lifted collections from 75% to 92%.

  • Deal structure

    When the rate cap on the bridge loan cost $754,000 against $75,000 budgeted, we made no capital call and refinanced with $84M of Freddie Mac permanent financing.

What changed

Refinanced with Freddie Mac. Distributions began in April 2025.

Go to the Henson Creek page

2026Stop 07 of 08Working now

World of Blue

East Rutherford, NJ · Hotel and events · 427 keys · 30,000+ SF of event space

The World of Blue front desk, with the name woven into the carpet
World of Blue · East Rutherford, NJ
$32M
Purchase price
~$70M
What the previous lender was owed
$40M → $83M
HVS appraisals, as is, 297 days apart
30,000+ SF
Ballroom and event space

What we saw

$32M for a hotel whose lender was owed nearly $70M.

Where we found the value

  • Deal structure

    Relationships of many years got us an early look. The lender was owed nearly $70M; we paid $32M.

  • Identity

    We gave it a name of its own, World of Blue, with restaurants and events to come for.

  • Operations

    With 150 workers on site, many sleeping in the rooms, we had it partly open by spring and running for the World Cup across the street.

What changed

Appraised at $83M as is, against $40M at purchase.

Go to the World of Blue page

2026Stop 08 of 08Working now

Riverbend at Port Imperial

West New York, NJ · Residential, core-plus · 301 units

Riverbend at Port Imperial from the street
Riverbend at Port Imperial · West New York, NJ
$125M
Purchase price, May 2026
301
Apartments
$5,398
Parking revenue, first week of October
27.7%
Return on renovation cost, against 19.2% planned

What we saw

158 empty parking spaces and a clubhouse used as common space.

Where we found the value

  • Use of the site

    We opened 158 empty parking spaces to ferry commuters: $513 to $5,398 a week in ten weeks.

  • Operations

    Renovations cost $14,626 a unit against $20,000 planned and return 27.7% on their cost.

What changed

Parking revenue: $513 to $5,398 a week.

Go to the Riverbend at Port Imperial page

Our five values

Challenge Every Assumption, Creative Advantage, Extreme Proactivity, Relentless Execution and Immediate Responsiveness. What each one asks of us, and where it shows in the work.

Read our values

Bluestone OS

Our own property
management system.

Bluestone OS grew out of our own work as owners and operators. We started it because the software we used left too much for our staff to piece together by hand.

That led us to build our own property management operating system. P3 is the real estate company behind the work; Bluestone OS is a separate product, and it is in development.