American Real Estate Partners acquires office portfolio in New Jersey for $24.7 million
American Real Estate Partners, based in Herndon, said Thursday that it has acquired CenterPointe at Bridgewater, a four-building, 331,846-square-foot, Class A office park in Bridgewater, N.J. for $24.7 million.
The 20-acre property and its brick and glass office buildings offers tenants flexible office space, fitness and food amenities and a conference facility in a campus setting.
“Bridgewater is one of the best performing office submarkets in New Jersey, and we intend to enhance the fundamental quality of this project and recent leasing momentum with strategically applied capital improvements … ” American Real Estate Partners President Brian Katz said in a statement.
American Real Estate Partners, an institutional real estate investment manager, said it plans to invest $2.7 million in capital improvements to the office campus.
CenterPointe at Bridgewater is being acquired by a joint venture sponsored by a discretionary fund managed by American Real Estate Partners and is the Fund's fourth investment.
American Real Estate Partners concentrates on acquiring Class A office, and office flex assets, as well as real estate related financial instruments, in markets throughout the mid-Atlantic.
Since October 2003, the firm said it has completed 36 acquisitions totaling more than 12.6 million square feet.