BroadAcres Office Park in Bloomfield — Courtesy: Cushman & Wakefield
By Joshua Burd
Prism Capital Partners and an institutional partner have sold their flagship BroadAcres Office Park a decade after acquiring the four-building, 380,000-square-foot campus in Bloomfield.
Cushman & Wakefield, which brokered the deal, said Wednesday that the partnership sold the property to P3RE. Terms of the off-market trade, which closed in March, were not disclosed.
Located along the Garden State Parkway, the 20-acre property sits between exits 151 and 153 near the interchanges of routes 3 and 46. BroadAcres is currently 72 percent leased to a roster of 40 tenants including Comcast, Capgemini, Bechtel Corp. and Dewberry Cos.
“This transaction illustrates the liquidity for suburban office space in northern New Jersey, particularly for established properties with solid leasing histories and strong upside potential,” Cushman & Wakefield’s Gary Gabriel said in a prepared statement. “The smooth and timely closing illustrates Prism’s and P3RE’s capabilities and professionalism.”
Gabriel headed the assignment with investment sales specialists Andrew Merin, David Bernhaut and Brian Whitmer of Cushman & Wakefield’s Metropolitan Area Capital Markets Group.
Prism, which is headquartered at the campus at 200 Broadacres Drive, will continue as the exclusive leasing and on-site managing agent on behalf of P3RE, according to a news release. The new ownership’s immediate plans include a major capital improvement program, which Prism Construction Services will oversee.
“We are thrilled to see BroadAcres transition to P3RE — an organization that is well qualified to ensure the property’s ongoing success,” said Edwin Cohen, principal partner with Prism. “We look forward to our ongoing involvement in this flagship asset, which is gearing up for some dramatic aesthetic and functional changes.”
Prism acquired BroadAcres Office Park in 2006 and has since established the campus as a high-quality, low-cost option for small and midsized users, the news release said. The firm has achieved a tenant retention rate of more than 90 percent over the past decade, thanks to what it says is a program of property enhancements and a focus on service.
Each building at the park has about 94,000 square feet. Tenants have access to conference space and upscale and specialty sit-down food service, with access to NJ Transit rail and bus service.
Prism is currently marketing units from 1,000 square feet to full floors of 25,000 square feet at BroadAcres Office Park.
The newest upgrades will include rebranding, signage, resurfaced parking lots, new exterior lighting, building common area renovations, gym and other enhanced amenities.
“We saw a great opportunity in acquiring BroadAcres, full of potential,” said P3RE’s Harvey Rosenblatt. “We are grateful to all parties involved in this smooth transition (and) closing.
“While step one which is closing, has been accomplished, the true work begins now. Noticeable upgrades throughout Broadacres will commence within the next few weeks.”
