American Real Estate Partners closes on $24.75m acquisition of office park
BRIDGEWATER, NJ — American Real Estate Partners announced the acquisition of CenterPointe at Bridgewater, a four-building, 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 environment.
“CenterPointe at Bridgewater provides American Real Estate Partners the opportunity to bring strong management and asset enhancing skills to a very well-located and successful office park,” said American Real Estate Partners president, Brian Katz. “Bridgewater is one of the best performing office submarkets in New Jersey 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 Partners plans to invest $2.7 million in capital improvements to the office campus, from improved finishes to more substantial 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, secure access and close proximity to an array of restaurants and retail including Bridgewater Commons Mall, the Village at Bridgewater Commons and the celebrated main street town of Somerville.
CenterPointe at Bridgewater is being acquired by a joint venture sponsored by a discretionary fund managed by American Real Estate Partners and is the Fund’s fourth investment.