CenterPointe at Bridgewater — Courtesy: American Real Estate Partners
By Joshua Burd
An investment firm has sold a Bridgewater office campus for $46 million, nearly double the amount it paid for the property in 2015 before launching a series of upgrades.
The firm, American Real Estate Partners, announced this week that it had closed on the sale of CenterPointe at Bridgewater, a four-building, 331,354-square-foot campus on Route 22. Signature Acquisitions has acquired the property, which is 89 percent leased to tenants such as All State Insurance Co., Mass Mutual, ConvaTec and others.
The CBRE team of Jeff Dunne, Jeremy Neuer and Travis Langer represented American Real Estate Partners in the sale.
The now former owner touted the sale three years after acquiring CenterPointe at Bridgewater on behalf of its discretionary Strategic Office Fund I LP, with a longtime institutional partner taking a minority position. AREP Managing Director Jon Dishell said the firm paid $24.75 million at the time, noting that the campus was only 41 percent occupied.
The company followed the acquisition with significant upgrades and renovations to the four buildings that have helped bring occupancy up to nearly 90 percent. That includes more significant improvements at 1130 Route 22 East, where Allstate inked its full-building lease in late 2016.
JLL Executive Vice President Susan Mason has represented AREP in leasing the complex. In repositioning the property, the firm had sought to capitalize on a location just off Interstate 287 and about 40 minutes from both New York City and Pennsylvania.
