SJP recapitalizes well-known Bridgewater office campus with P3RE

Somerset Corporate Center — Courtesy: SJP Properties By Joshua Burd SJP Properties has teamed with a growing real estate investment firm to recapitalize a portion of Somerset Corporate Center, its 1.2 million-square-foot, Class A office campus in Bridgewater. The developer on Tuesday announced that P3RE, a Jackson-based firm, has made an equity investment to become a partner in three of the five buildings. Under the partnership agreement, SJP will continue to manage and lease the assets — Somerset Corporate Center I, II and V — as the operating partner. Terms were not disclosed. “Having fully leased all of Somerset Corporate Center earlier this year, we were strongly positioned to recapitalize, and are pleased to have found a partner in P3RE that brings a creative approach to marketing to help maintain this property’s position as the business destination of choice in New Jersey,” said Steven J. Pozycki, SJP’s founder and CEO. “This equity investment is a testament to the superior business environment offered by Somerset Corporate Center, and the resulting success we’ve achieved attracting a world-class roster of tenants.” Founded by Harvey Rosenblatt in 2015, P3RE now owns a portfolio of some 2 million square feet of commercial office and retail space in and around New Jersey, including its recently acquired BroadAcres Office Park in Bloomfield and Eisenhower Corporate Campus in Livingston. RELATED: New owner of Bloomfield office park gets off to fast start “While the recapitalization of Somerset Corporate Campus was a great economic opportunity, the ability to learn from and work closely with such an exceptional organization that Steve Pozycki has built, is invaluable,” Rosenblatt said. “I look forward to further developing our relationship with SJP Properties for many years to come.” Located at routes 202/206 and 22, Somerset Corporate Center is home to several high-profile tenants, including Linde Americas, iconectiv, Mazda, Kering Eyewear and Allergan. SJP announced early this year that the campus had reached full occupancy with a 30,882-square-foot expansion by Qualcomm at Somerset Corporate Center V, bringing the tech firm's total footprint to 156,294 square feet. RELATED: Bridgewater campus at full occupancy after tech firm expands The developer has also unveiled plans for a 130,000-square-foot Life Time fitness facility, a Zinburger restaurant and a 150-room AC by Marriott hotel and restaurant, all within the campus. Somerset Corporate Center, which also offers quick access to interstates 287 and 78, is directly across from the Bridgewater Commons Mall. Joshua Burd Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for five years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State. Share This 0 0 0 0 Previous ArticleNKF: Bank recommits to N.J. headquarters in East Brunswick No Newer Articles Comments (0) Leave a Reply Cancel reply Your email address will not be published. Required fields are marked * Your CommentName * Email * Website  ×  5  =  twenty five Our Sponsors Latest Posts SJP recapitalizes well-known Bridgewater office campus with P3RE Joshua Burd September 27, 2017 SJP Properties has teamed with a growing real estate investment firm to recapitalize a portion of Somerset Corporate Center, its 1.2 million-square-fo… Joshua Burd September 27, 2017 0 0 NKF: Bank recommits to N.J. headquarters in East Brunswick Joshua Burd September 27, 2017 Developer breaks ground on Woodbridge distribution center Joshua Burd September 27, 2017 Tulfra sells West Caldwell industrial building for $7.8 million Joshua Burd September 27, 2017 Mixed-use portfolio in Newark secures $3.7 million bridge loan, Procida says Joshua Burd September 27, 2017 Latest News Office NKF: Bank recommits to N.J. headquarters in East Brunswick Joshua Burd September 27, 2017 Industrial Developer breaks ground on Woodbridge distribution center Joshua Burd September 27, 2017 Industrial Tulfra sells West Caldwell industrial building for $7.8 million Joshua Burd September 27, 2017 Finance & Capital Markets Mixed-use portfolio in Newark secures $3.7 million bridge loan, Procida says Joshua Burd September 27, 2017 The Rundown Signs of life at Kushner Cos. project in Journal Square, report says Joshua Burd September 26, 2017 Retail HFF: Well-known Jersey Shore retail center refinances for $43.6 million Joshua Burd September 26, 2017 Guest Columns Long-term issues need long-term solutions Joshua Burd September 26, 2017 Professional Services Longtime facility, MEP engineer joins Hunterdon Co. firm Joshua Burd September 26, 2017 Most Shared 1 Office Onyx, Garrison acquire 850,000 sq. ft. office portfolio from Mack-Cali Joshua Burd September 13, 2017 353 2 Office Firm hopes to ‘bring SoHo to the suburbs’ with new development, investment fund Joshua Burd December 13, 2016 335 3 Office JLL team provides a cure for New Jersey's vacant pharma sites Joshua Burd March 12, 2017 328 Top News Signs of life at Kushner Cos. project in Journal Square, report says Joshua Burd September 26, 2017 Local officials in Jersey City are set to consider a revamped version of the high-rise project at the center of a controversy earlier this year involv… Joshua Burd September 26, 2017 12 0 For Instant Updates Home Current Issue Deals Market Sectors Events People Past Issues Daily Newsletter All RIGHTS RESERVED Copyright 2016 Real Estate NJ