Grande Commons at 440 Route 22 East in Bridgewater — Courtesy: CBRE
By Tina Traster
CBRE advised American Equity Partners on the sale of a 199,310-square-foot, 82 percent occupied office building in Bridgewater.
Known as Grande Commons, the property at 440 Route 22 East is located near the Bridgewater Commons Mall, five minutes from Interstate 287. The CBRE team included Jeff Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Zach McHale.
“The CBRE team worked quickly to secure the buyer,” David Elkouby of American Equities Partners said. “While this was our first transaction on the same side of the table, I look forward to more opportunities to work together with Jeff, Jeremy and their team.”
American Equity Partners embarked on an ambitious renovation of the common areas and a reimagining of the amenity package, according to a news release. This upgrades, along with robust deal-making, spurred leasing and grew occupancy from 25 percent to 82 percent in a very short period, according to the company.
The property’s tenant base is diverse, ranging from pharmaceutical, engineering, legal and financial services. Tenants include Molex, Renesas Electronics America and the U.S. office for Amarin Pharma.
“American Equity Partners acquired the asset four years ago and successfully completed a capital improvement program that repositioned the asset to meet today’s corporate occupier demands,” said Dunne, a vice chairman with CBRE. “This allowed American Equity Partners to secure over 115,000 square feet of new leases at the property since their acquisition.”
Neuer added: “American Equity Partners was a pleasure to work with and we hope to have the opportunity to work with them again in the very near future,” he said. “They are true professionals who know how to make a deal, both as landlords, buyers and sellers.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and a former staffer at the Bergen Record.