PISCATAWAY, NJ-Aroma Tech, a fragrance supplier, has signed a lease for 25,636 sf, amounting to nearly one-third of the 85,000-sf flex building at 140 Centennial Ave. here. The building is owned by Hampshire Partners Fund VI, a $235-million commingled real estate investment fund managed by the Morristown-based Hampshire Cos. CB Richard Ellis brokered the transaction, the terms of which were not released.
"We recognized a market need for high-tech office space in the technology-driven Central New Jersey marketplace and were able to deliver it," says Norman A. Feinstein, Hampshire's executive managing director, who notes that the once-vacant building recently underwent a renovation. That makeover involved the asset's common areas, building systems and landscaping.
As reported by GlobeSt.com, Hampshire acquired the asset in late 2005 as part of a 378,000-sf, multi-building portfolio. The Hampshire-managed fund paid previous owner Blumenfeld Development Group $30.2 million for the seven-building portfolio, and in early 2006 gave CBRE the leasing/marketing exclusive for the properties.
The signing of Aroma Tech, which is based in Somerville, is the first deal signed after a broker open-house hosted by CBRE in May. Besides 140 Centennial Ave., that open house involved three other buildings acquired in the portfolio deal, the nearby 240 and 860 Centennial Ave., and 80 Kingsbridge Rd. CBRE remains the exclusive agent for the approximately 60,000 sf still available at 140 Centennial.
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