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CenterPointe Portfolio in Bridgewater Sells to Signature Acquisitions
The four-building, 331,354-square-foot CenterPointe Portfolio in Bridgewater, NJ has changed hands from American Real Estate Partners to Signature Acquisitions. Deal terms were not disclosed, but published reports quoted a price of $46 million.
CBRE Institutional Properties’ team of Jeffrey Dunne, Jeremy Neuer and Travis Langer represented the seller and also procured the buyer. Over the past 18 months, Signature Acquisitions has acquired a total of $215 million in tri-state properties marketed by the CBRE team, including CenterPointe.
“American Real Estate Partners’ extensive capital investment, coupled with their aggressive leasing program, increased occupancy from 41% to 90%,” said Dunne. “Simply stated, they did an incredible job.”
Since 2015, when it acquired CenterPointe, American Real Estate Partners has completed over 197,000 square feet of new leasing, and over 38,000 square feet of renewals at the property. The new leases included a full-building deal by Allstate for 63,000 square feet.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
