4-24-15

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 lchristman@marejournal.com 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 data available from CoStar. The properties are located on Morris Ave. and North Ave., and two of the properties are located across from Kean Uni- versity within close proximity of mass transit.

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