Somerset Corporate Center — Courtesy: SJP Properties
By Joshua Burd
SJP Properties has teamed with a growing real estate investment firm to recapitalize a portion of Somerset Corporate Center, its 1.2 million-square-foot, Class A office campus in Bridgewater.
The developer on Tuesday announced that P3RE, a Jackson-based firm, has made an equity investment to become a partner in three of the five buildings. Under the partnership agreement, SJP will continue to manage and lease the assets — Somerset Corporate Center I, II and V — as the operating partner.
Terms were not disclosed.
“Having fully leased all of Somerset Corporate Center earlier this year, we were strongly positioned to recapitalize, and are pleased to have found a partner in P3RE that brings a creative approach to marketing to help maintain this property’s position as the business destination of choice in New Jersey,” said Steven J. Pozycki, SJP’s founder and CEO. “This equity investment is a testament to the superior business environment offered by Somerset Corporate Center, and the resulting success we’ve achieved attracting a world-class roster of tenants.”
Founded by Harvey Rosenblatt in 2015, P3RE now owns a portfolio of some 2 million square feet of commercial office and retail space in and around New Jersey, including its recently acquired BroadAcres Office Park in Bloomfield and Eisenhower Corporate Campus in Livingston.
“While the recapitalization of Somerset Corporate Campus was a great economic opportunity, the ability to learn from and work closely with such an exceptional organization that Steve Pozycki has built, is invaluable,” Rosenblatt said. “I look forward to further developing our relationship with SJP Properties for many years to come.”
Located at routes 202/206 and 22, Somerset Corporate Center is home to several high-profile tenants, including Linde Americas, iconectiv, Mazda, Kering Eyewear and Allergan. SJP announced early this year that the campus had reached full occupancy with a 30,882-square-foot expansion by Qualcomm at Somerset Corporate Center V, bringing the tech firm’s total footprint to 156,294 square feet.
The developer has also unveiled plans for a 130,000-square-foot Life Time fitness facility, a Zinburger restaurant and a 150-room AC by Marriott hotel and restaurant, all within the campus.
Somerset Corporate Center, which also offers quick access to interstates 287 and 78, is directly across from the Bridgewater Commons Mall.