BPG Picks Up Another 800,000 SF in Garden State

"Our acquisitions in New Jersey are representative of our balanced, value-added investment strategy," according to Arthur P. Pasquarella, BPG's COO. "These transactions include office, lab and industrial properties requiring re-leasing and/or redevelopment, and two of the three offer new development opportunities."

The largest of the assets just acquired is 330-350 Carter Rd., a 300,000-sf corporate campus here. The identity of the seller was not disclosed. The existing buildings include a recently renovated, 76,000-sf research and lab facility leased to Lexicon Pharmaceuticals, a 200,000-sf former office/research facility and a 25,000-sf office building. The site has a build-out capability of another 500,000 sf.

The 200,000-sf building at the Princeton campus, currently vacant, is being revamped by BPG, according to Christopher J. Locatell, vice president of BPG, who negotiated all three acquisitions. NAI Fennelly of Hamilton, NJ has been appointed leasing agent for the property, and BPG Management Services will manage it.

The second BPG acquisition is 51 Commerce Dr., a 269,000-sf, 58% leased warehouse in South Brunswick, NJ. The seller was similarly not identified. Jerry Fennelly of NAI Fennelly represented BPG in the transaction, and Brian Knowles of CB Richard Ellis has been named to fill the 110,000 sf that's currently available.

The 51 Commerce Dr. acquisition "marks our entry into the New Jersey Turnpike Exit 8A market, one of the country's premier industrial markets," says Locatell. He notes that the market consists of more than 52 million sf of W/D space and currently has a vacancy rate of less than 10%.

The third BPG acquisition is Bordentown Interchange Business Park, a two-building, 223,600-sf office and warehouse property on 34 acres near Exit 7 of the NJ Turnpike. The property is 48% leased to Prince Racquets, which uses the location for its world headquarters and regional warehouse operations. The seller, apparel distributor Benetton, was represented by Steve Tolcash of the Lawrenceville, NJ-based GVA Williams Buschman.

"Exit 7 is a quickly emerging industrial market that is benefiting from its access to both New Jersey and Pennsylvania," according to Locatell. "The Bordentown site can accommodate an additional 250,000 sf of industrial development in two or more buildings."

The three acquisitions boost BPG's holding to more than 2.5 million sf of office, industrial and retail space in the Garden State. The firm's national portfolio now totals 35 million sf.