CBRE brokers sale of Centrepointe portfolio in Bridgewater

CBRE announced Wednesday that it has represented American Real Estate Partners in the sale of the CenterPointe portfolio in Bridgewater.

The CBRE team of Jeffrey Dunne, Jeremy Neuer and Travis Langer represented the seller and buyer, Signature Acquisitions, in the deal.

The portfolio is located off Route 22 and consists of four Class A office buildings totaling approximately 331,354 square feet. It is currently 90 percent occupied.

Since 2015, CBRE said the property has completed over 197,000 square feet of new leases and over 38,000 square feet of renewals.

“American Real Estate Partners’ extensive capital investment coupled with their aggressive leasing program increased occupancy from 41 percent to 90 percent. Simply stated, they did an incredible job,” Dunne said.

“Signature Acquisitions has been one of the most active purchasers of suburban office buildings in the region. In the past 18 months, we have been fortunate to sell them buildings in Hauppauge and Tarrytown, New York and Clark and Cranford, New Jersey with an overall value, including CenterPointe, in excess of $215 million,” Neuer said.