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American Real Estate Partners Plans $2.7 Million Investment To Enhance CenterPointe In Bridgewater, New Jersey

04/03/2015
American Real Estate Partners acquired CenterPointe, a four-building, 331,846 square foot, Class A office park in Bridgewater, New Jersey. In addition to the $24.75 million, the company plans to invest $2.7 Million to make capital improvements in the more than 20 acre property.

CenterPointe at Bridgewater is being acquired by a joint venture sponsored by a discretionary fund managed by American Real Estate Partners and is the Fund's fourth investment. The more than 20-acre property and its four brick and glass office buildings, on Route 22 East, provides tenants with flexible, highly efficient office space, fitness and food amenities, a conference facility and on-site management in a landscaped campus environment.

American Real Estate Partners plans to invest $2.7 million in capital improvements to the office campus, from improved finishes to more substantial elevator, lobby and common area upgrades. With the campus now 54% leased overall, with two buildings 100% leased, American Real Estate Partners officials said it will launch a leasing campaign designed to attract tenants seeking the highest quality office space in the area.

"CenterPointe at Bridgewater provides American Real Estate Partners the opportunity to bring strong management and asset enhancing skills to a very well-located and successful office park," said American Real Estate Partners President, Brian Katz. "Bridgewater is one of the best performing office submarkets in New Jersey and we intend to enhance the fundamental quality of this project and recent leasing momentum with strategically applied capital improvements and a top quality leasing and management team."

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