Signature Acquisitions purchased the CenterPointe portfolio in Bridgewater, New Jersey, from American Real Estate Partners. The price of the deal was not disclosed. The complex includes four class A office buildings, totaling 331,354 sq ft. The capital improvement program instituted by the seller led to new deals with All State and PVH, increasing the assets occupancy to 90 percent. The enhancements to the common areas, amenities and parking lot resulted in 197,000 sq ft of new leasing and more than 38,000 sq ft of renewals. CBRE Institutional Properties represented the seller and procured the buyer.
āSignature 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.ā said Jeremy Neuer of CBRE.
