Four-story Building on 16 Acres in the Heart of NJ’s Biopharma Hub Draws Spirited Interest
BRIDGEWATER, N.J., Jan. 25, 2019 – Cushman & Wakefield has arranged the sale of 721 U.S. Highway 202/206, a four-story office building on a nearly 16-acre site with over 200 feet of frontage along Route 202/206 in Bridgewater. An experienced, local developer purchased the 192,741-square-foot asset from Mack-Cali Realty Corporation.
Cushman & Wakefield’s New Jersey capital markets team represented the seller and procured the buyer, led by investment sales specialists Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Frank DiTommaso. They were supported by leasing specialists Bill Brown and Shawn Straka.
721 U.S. Highway 202/206 has a history of near-full occupancy, but is being delivered vacant, offering a variety of potential repositioning opportunities. The local area continues to experience notable activity across a range of categories. Nearby recently delivered and planned projects include Lifetime Fitness, AC Hotels, and Zinburger; in addition, the county’s first Whole Foods was introduced at Chimney Rock Crossing, the area’s newest mixed-use development located along Route 22.
“The opportunity to reposition roughly 200,000 SF on 16 acres with frontage generated a significant amount of interest,” said Gabriel. “Bridgewater has historically attracted major employers, specifically within the tech and pharma industries, given its regional accessibility and access to talented labor – it continues to prove itself as one of the more dynamic markets in suburban New Jersey.”
The property is also situated less than two miles from the Bridgewater Commons Mall, “a built-in local amenity with over 175 stores and various restaurants,” DiTommaso noted. “721’s fundamentals also provide flexibility for single or multi-tenant scenarios. The property offers convenient wraparound parking with entrances on all sides, oversized floor-ceiling glass windows, and features unique enclosed glass walkways overlooking the outdoor amenity space.”
Based in East Rutherford, Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.