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. “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.
A full-service commercial real estate owner/operator, Prism initially purchased BroadAcres Office Park in 2006, and since then has established the campus as a high-quality and low-cost option for small and midsize users. A program of property enhancements and a focus on service has resulted in a tenant retention rate of over 90 percent under the firm’s tenure. BroadAcres is currently 72 percent leased to a diversified tenant roster of 40 firms including Comcast, Capgemini, Bechtel Corporation and Dewberry Companies.
Each building at BroadAcres Office Park offers approximately 94,000 square feet of space and a distinct identity that sets the campus apart from other area corporate facilities. The modern, park-like campus setting features striking building facades, a reflecting pool and fountain, and beautifully manicured grounds. Tenants also enjoy available conference space and upscale, and specialty sit-down food service. The property sits amidst an affluent population via neighboring Montclair and Essex Fells, and has numerous walkable amenities and access to NJ Transit rail and bus service.