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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
CenterPointe at Bridgewater, a 331,846 s/f, class A office park located in NJ American Real Estate Partners closes on $24.75m acquisition of office park
ISSUE HIGHLIGHTS Volume 27 Issue 8 April 24 - May 14, 2015
RIDGEWATER, NJ — American Real Estate Partners announced the acquisition of CenterPointe at Bridgewater, a four-build- ing, 331,846 s/f, class A office park located in Bridgewater, for $24.75 million. The 20+- acre property and its four brick and glass office buildings —1130, 1140, 1150 and 1160 Rte. 22 East — provide tenants with flexible, highly efficient office space, fitness and food amenities, a conference facility and on-site management in a landscaped campus environ- ment. “CenterPointe at Bridgewa- ter provides American Real Es- tate Partners the opportunity to bring strong management and asset enhancing skills to a very well-located and success- ful office park,” said American Real Estate Partners presi- dent, Brian Katz . “Bridgewa- B
stantial elevator, lobby and common area upgrades. With the campus now 54% leased overall, with two buildings 100% leased, American Real Estate Partners will launch a leasing campaign designed to attract tenants seeking the highest quality office space in the area, with signage opportunities, flexible floor plates, abundant parking, two, tenant-only fitness centers, se- cure access and close proxim- ity to an array of restaurants and retail including Bridgewa- ter Commons Mall, the Village at Bridgewater Commons and the celebrated main street town of Somerville. CenterPointe at Bridge- water is being acquired by a joint venture sponsored by a discretionary fund managed by American Real Estate Part- ners and is the Fund’s fourth investment. n family for several generations, as this developer did,” said Squires. “These buildings have historically high occupancy rates, in an extremely strong rental market. This was a rare opportunity.” Kislakwas engaged to repre- sent the owner on an exclusive basis in order to complete the disposition of family-owned multifamily assets over an extended period of several years. This sale represented a portion of a larger portfolio, consisting of seven Elizabeth apartment buildings. Kislak was granted marketing rights to this portfolio thanks to its longstanding relationship with the family. Jeff Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment real estate throughout northern New Jersey. He was named a vice president in 2009, becoming one of the youngest salespeople to earn that distinction in Kis- lak’s history. Today, he is one of Kislak’s leading producers. n
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CenterPointe at Bridgewater
ter is one of the best performing office submarkets in New Jer- sey and we intend to enhance the fundamental quality of this project and recent leasing momentum with strategically applied capital improvements
and a top quality leasing and management team.” American Real Estate Part- ners plans to invest $2.7 mil- lion in capital improvements to the office campus, from improved finishes to more sub-
Section C
Largest multifamily sale in Elizabeth, NJ since 2011 Kislak vice president Jeff Squires completes $5.27m multifamily sale in Elizabeth, NJ
For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or [email protected] UPCOMING CONFERENCES 2015 SCHEDULE: MAY 5, 2015 NJ OFFICE SUMMIT JUNE 30, 2015 NJ COMMERCIAL RE FORECAST SUMMIT
ELIZABETH, NJ — The Kislak Company Inc. an-
nounced the recent sale of a three- b u i l d i n g mu l t i f am - ily portfolio with 62 units in Elizabeth f o r $ 5 . 2 7 million. Vice
Jeff Squires
First 33 Commerce Center
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Morris Ave.
Elizabeth, which is a 20-min- ute drive or 30-minute direct train ride to Manhattan, is a desirable area for renters and commuters. This particular portfolio of properties includes two and a half story garden apartments with onsite park- ing that were built in the 1960s. “Owners of garden apart- ments in coveted locations often hold real estate in the
president Jeff Squires rep- resented both parties in the transaction. The sale is the largest mul- tifamily sale in Elizabeth in terms of price since 2011 based on >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76
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