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380K-SF BroadAcres Trades in Off-Market Transaction
P3RE Properties bought BroadAcres Office Park in Bloomfield, NJ, in an off-market transaction for an undisclosed price.
Prism Capital Partners sold the landmark, 380,000-square-foot property. However, Prism will continue as the leasing and onsite manager from its headquarters at 200 Broadacres Dr.
“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,” said Gary Gabriel for Cushman & Wakefield, who orchestrated the off-market trade.
The four-building, 20-acre property is along the Garden State Parkway, between exits 151 and 153.
“The true work begins now,” said P3RE’s Harvey Rosenblatt. “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.
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