Cushman & Wakefield recently announced it had brokered the sale of the BroadAcres office park in Bloomfield between Prism Capital Partners and P3RE Properties. The 20-acre, four building property was sold through an off-market trade.
“We are thrilled to see BroadAcres transition to P3RE — an organization that is well-qualified to ensure the property’s ongoing success,” Edwin Cohen, Prism’s principal partner, said. “We look forward to our ongoing involvement in this flagship asset, which is gearing up for some dramatic aesthetic and functional changes.”
With a total of 380,000 square feet, the BroadAcres office park is home to Prism, which will continue to be the park’s exclusive leasing and managing agent for P3RE. Comcast, Capgemini and Bechtel Corp. also reside at the park.
“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,” Cushman & Wakefield’s Gary Gabriel, who headed the assignment with investment sales specialists Andrew Merin, David Bernhaut and Brian Whitmer, said.
BroadAcres is located between exits 151 and 153 of the Garden State Parkway, and enjoys access to routes 3 and 46.
P3RE plans a major capital investment program, which Prism Construction will oversee.