P3 Properties Sells New Jersey Office Campus

April 23, 2021

The Broadacres Office Park in Bloomfield was 91 percent leased at the time of the sale.

Broadacres Office Park. Image courtesy of Cresa

P3 Properties has sold the 385,000-square-foot Broadacres Office Park in Bloomfield, N.J. ERCT Capital Group acquired the four-building property, even though the asset was not marketed for sale at the time. CommercialEdge data shows the campus last traded in 2017.

Located at 1455 Broad Street and 200, 300 and 400 Broadacres Drive, the campus is less than 3 miles from the interchanges of routes 3 and 46, less than 16 miles from Midtown Manhattan and some 22 miles from Newark Liberty International Airport. Completed in 1997, the four-story buildings underwent renovations in 2001 and 2006, according to CommercialEdge information. Common-area amenities include a newly built gym, on-site cafeteria and 1,226 parking spaces At the time of sale, the property was 91 percent leased.

Managing Principals Dennis Gralla and James Scancarella, along with Principal Jonathan Marks from Cresa arranged the transaction on behalf of the buyer. The seller was self-represented.

In March last year, P3 Properties bought Morris Corporate Center I and II, two office buildings in Parsippany, N.J., totaling 550,000 square feet. The asset is located within a 182-acre master-planned office development.