BLOOMFIELD, NJ - Prism Capital Partners and an institutional partner have sold the landmark, 380,000-square-foot BroadAcres Office Park in Bloomfield to P3RE. Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the off-market trade, which closed in March.
The four-building, 20-acre property is located along the Garden State Parkway, between exits 151 and 153, near the interchanges of routes 3 and 46. Local residents know this as the office complex next to the Brookdale ShopRite.
“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,” noted Cushman & Wakefield’s Gary Gabriel, who headed the assignment with investment sales specialists Andrew Merin, David Bernhaut and Brian Whitmer. “The smooth and timely closing illustrates Prism’s and P3RE’s capabilities and professionalism.”
Prism, which is headquartered onsite at 200 Broadacres Drive, will continue as BroadAcres Office Parks’ exclusive leasing and onsite managing agent on behalf of P3RE. 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,” noted Prism’s Edwin Cohen, principal partner. “We look forward to our ongoing involvement in this flagship asset, which is gearing up for some dramatic aesthetic and functional changes.” Prism is currently marketing units from 1,000 square feet to full floors of 25,000 square feet at BroadAcres Office Park.
“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 / 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.” Highlights include re-branding, signage, resurfaced parking lots, new exterior lighting, building common area renovations, gym and other enhanced amenities.
Prism is currently developing the former Roche pharmaceutical campus in neighboring Nutley and Clifton into a mixed use development called 'On Three.' Prism names former Hoffman-La Roche Nutley / Clifton campus “On Three”