CBRE said Thursday that it sold Grande Commons Bridgewater, a 199,310-square-foot, 82% occupied Class A office building prominently located at 440 Route 22 E., just minutes from the Bridgewater Commons Mall. The property is ideally positioned just five minutes from Interstate 287, offering occupants superb regional connectivity and immediate access to a highly skilled labor pool.
The CBRE team of Jeff Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Zach McHale advised American Equity Partners on the sale for an undisclosed amount.
American Equity Partners embarked on an ambitious value-add program, which included renovating the common areas and reimaging the amenity package. This program, along with an aggressive deal making mentality, spurred leasing and grew occupancy from 25% to 82% in a very short period of time.
The property’s tenant base is extremely diverse, from industries such as pharmaceuticals, engineering, legal services and financial services. The tenant roster includes major occupiers such as Molex, Renesas Electronics America and the U.S. office for Amarin Pharma, among others.
Dunne said: “American Equity Partners acquired the asset four years ago and successfully completed a capital improvement program which repositioned the asset to meet today’s corporate occupier demands. This allowed American Equity Partners to secure over 115,000 square feet of new leases at the property since their acquisition.”
“American Equity Partners was a pleasure to work with, and we hope to have the opportunity to work with them again in the very near future. They are true professionals who know how to make a deal, both as landlords, buyers, and sellers,” added Neuer.