BLOOMFIELD, NJ—Prism Capital Partners and an institutional partner have sold the landmark, 380,000-square-foot BroadAcres Office Park in Bloomfield to P3RE. Cushman & Wakefield's Metropolitan Area Capital Markets Group orchestrated the off-market trade. The price was not disclosed.
The four-building, 20-acre property is located along the Garden State Parkway, between exits 151 and 153, near the interchanges of routes 3 and 46.
“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,” says Gary Gabriel, who headed the assignment with Cushman & Wakefield's investment sales specialists Andrew Merin, David Bernhaut and Brian Whitmer. “The smooth and timely closing illustrates Prism's and P3RE's capabilities and professionalism.”
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