One Grande Commons, 440 Route 22, Bridgewater, NJ
BRIDGEWATER, NJ—American Equity Partners is acquiring 440 Route 22 East, also known as One Grande Commons, from Mack-Cali Realty Corp. The Metropolitan Area Capital Markets Group of Cushman & Wakefield’s East Rutherford office orchestrated the sale.
As part of a strategic realignment, Mack-Cali has been disposing of non-core real estate assets. This week, the Jersey City-based firm said in 2016 and the first two months of 2017, the firm sold 36 non-strategic and underperforming commercial office assets totaling approximately five million square feet, and a 220-unit multi-family community, realizing gross proceeds of approximately $745 million. Mack-Cali says fourth quarter 2016 and year-to-date 2017 office dispositions totaled $280 million.
“The purchaser recognized the opportunity to acquire a historically well-leased asset within an office market that has been particularly active as of recent, and plans to provide cosmetic and amenity improvements to further enhance its appeal,” says Gary Gabriel, who executed the sale with Cushman & Wakefield team members Andrew Merin, David Bernhaut, and Brian Whitmer, along with support from Andrew Schwartz and Frank DiTommaso. This is the third property the Cushman & Wakefield team closed with American Equity Partners this year.
In addition to frontage along Route 22, the building offers access to I-287, I-78, Routes 202 and 206, and is just two miles from the Bridgewater Commons Mall.
“Tenants at 440 Rt. 22 East have abundant retail, dining and hospitality options nearby, with more on the way” says DiTommaso. “Bridgewater has made great strides in drawing new mixed-used and residential projects, and as a result, the town continues to attract employers from all over the state, helping add to Bridgewater’s talented and diverse employment base.
The three-story building is home to pharmaceutical, engineering and law firms, among others. Featuring a full-height atrium lobby with seating area, 440 Rt. 22 East also offers an onsite café service, UPS and FedEx services. The nearly 15-acre grounds present a pond with a fountain, an outdoor patio and enjoyment area, and abundant surface parking, with access into the building via multiple entryways.
“Previous ownership has done an excellent job maintaining a history of high occupancy at the property, and 440 Rt. 22 East will certainly compliment American Equity Partners’ existing portfolio,” says Schwartz. “We anticipate that the strength of the I-78 Corridor and Bridgewater markets will continue and that the property will remain competitively positioned.” The I-78 corridor has experienced nearly 6 million square feet of office leasing activity since 2012, he says.