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New owner of Bloomfield office park gets off to fast start

Less than three months after acquiring a well-known office park in Bloomfield, a real estate firm has inked more than 50,000 square feet in leasing activity at the property.

Working alongside leasing agents with Prism Capital Partners, P3RE Properties said it has completed a series of new deals, expansions and renewals at the four-building, 380,000-square-foot complex known as Broadacres Office Park. That activity includes a long-term extension by Munzing, a chemical manufacturer, which recommitted to its 20,000-square-foot space.

P3RE Properties acquired Broadacres from Prism in March and began implementing a rebranding plan, which included new signage around the park to convey a fresh, sleek image for the property. The firm also embarked on capital improvements such as resurfacing of the parking lots and the addition of new elevated architectural bronze poles topped with modern lighting.

 

“Make no mistake, this positive leasing activity is not a mere coincidence in timing,” said Harvey Rosenblatt, founder of P3RE Properties. “The current leasing success is due to the fresh feel and environment that has been created at Broadacres — which has now generated the positive vibe and buzz we were seeking to achieve.”

The Jackson-based owner is also in the midst of improvements to modernize common areas such as the lobbies, elevator cabs and bathrooms. Additional plans call for the installation of a new fitness center and a remodeled café and conference center.

At the time of the closing in March, occupancy was just over 72 percent. Prism, which is headquartered at the campus, remained at the property as the exclusive on-site leasing and managing agent.

Broadacres sits along the Garden State Parkway, between exits 151 and 153, and near the interchanges of routes 3 and 46. The property spans about 20 acres.

“Tenants are recognizing the significant improvements and upgrades to the complex and are now willing to commit to Broadacres for the long term,” said Edwin Cohen, principal of Prism Capital Partners. “New ownership has committed to raise the profile of this outstanding asset.”

Bill Brown, Ben Brenner and Maria Iantosca of Cushman & Wakefield represented Munzing in its lease renewal, P3RE said in a news release.

“We have been impressed by the responsiveness of P3RE and their commitment to modernizing the Broadacres campus to a standard that is truly first-class,” Brenner said.

Rosenblatt added that P3RE is committed to making deals to bring additional occupants to Broadacres.

“With a basis as great as ours, we are very much ready, willing and committed to offer the right terms, designed and catered to the needs and interests of any particular tenant,” he said. “Based on all the upgrades, current leasing activity and ability to get deals done, we are confident that Broadacres will be the flourishing new home of a selected group of fortunate tenants that ‘heard the knock,’ opened the door (and) saw the opportunity — landing themselves a great deal at our perfect location.”

Prism Sells BroadAcres Office Park In Bloomfield, NJ, To P3RE Properties

BLOOMFIELD, N.J., March 15, 2017 – Prism Capital Partners and an institutional partner have sold the landmark, 380,000-square-foot BroadAcres Office Park in Bloomfield to P3RE. Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the off-market trade, which closed in March.

The four-building, 20-acre property is located along the Garden State Parkway, between exits 151 and 153, near the interchanges of routes 3 and 46. “This transaction illustrates the liquidity for suburban office space in northern New Jersey, particularly for established properties with solid leasing histories and strong upside potential,” noted Cushman & Wakefield’s Gary Gabriel, who headed the assignment with investment sales specialists Andrew Merin, David Bernhaut and Brian Whitmer. “The smooth and timely closing illustrates Prism’s and P3RE’s capabilities and professionalism.”

Prism, which is headquartered onsite at 200 Broadacres Drive, will continue as BroadAcres Office Parks’ exclusive leasing and onsite managing agent on behalf of P3RE. The new ownership’s immediate plans include a major capital improvement program, which Prism Construction Services will oversee.

“We are thrilled to see BroadAcres transition to P3RE – an organization that is well qualified to ensure the property’s ongoing success,” noted Prism’s Edwin Cohen, principal partner. “We look forward to our ongoing involvement in this flagship asset, which is gearing up for some dramatic aesthetic and functional changes.” Prism is currently marketing units from 1,000 square feet to full floors of 25,000 square feet at BroadAcres Office Park.

“We saw a great opportunity in acquiring BroadAcres, full of potential,” said P3RE’s Harvey Rosenblatt. “We are grateful to all parties involved in this smooth transition / closing. While step one which is closing, has been accomplished, the true work begins now. Noticeable upgrades throughout Broadacres will commence within the next few weeks.” Highlights include re-branding, signage, resurfaced parking lots, new exterior lighting, building common area renovations, gym and other enhanced amenities.

A full-service commercial real estate owner/operator, Prism initially purchased BroadAcres Office Park in 2006, and since then has established the campus as a high-quality and low-cost option for small and midsize users. A program of property enhancements and a focus on service has resulted in a tenant retention rate of over 90 percent under the firm’s tenure. BroadAcres is currently 72 percent leased to a diversified tenant roster of 40 firms including Comcast, Capgemini, Bechtel Corporation and Dewberry Companies.

Each building at BroadAcres Office Park offers approximately 94,000 square feet of space and a distinct identity that sets the campus apart from other area corporate facilities. The modern, park-like campus setting features striking building facades, a reflecting pool and fountain, and beautifully manicured grounds. Tenants also enjoy available conference space and upscale, and specialty sit-down food service. The property sits amidst an affluent population via neighboring Montclair and Essex Fells, and has numerous walkable amenities and access to NJ Transit rail and bus service.

Developer hopes Dunkin’ Donuts will help fill out Smithville Square in Galloway

GALLOWAY – Mike Simkin moved his Simkin's Martial Arts studio to Smithville Square on Route 9 in July.

In business since 1998, he has been operating in Galloway since 2000.

Moving into the once-blighted shopping plaza was a bit risky, he said, flicking on the lights of the 2,200-square-foot studio and getting ready to start his day Monday morning, Feb. 6.

Simkin, who lives in Egg Harbor Township and is a married father of five, was already established at the Galloway Village Square on Pitney Road. But he liked what Smithville Square developer Harvey Rosenblatt of P3RE Properties had to offer, and is optimistic about the future of his business there.

“When I first came here the shopping center looked horrible,” Simkin said. “Storefronts were empty. He’s given people a reason to come here. He’s doing a lot to try and help everybody.”

Rosenblatt, a 32-year-old developer from Ocean County, appears to be succeeding where a revolving door of landlords failed: attracting quality businesses, promoting the center, and giving people a reason to shop there.

“We had a plan. We saw a depressed shopping center, and we saw we could perform there,” Rosenblatt said Tuesday, Feb. 7. “We said we will help create a product.”

The shopping center opened back in the 1980s and changed hands in 1997, 2007, 2010 and 2012. Rosenblatt bought it in March 2016. 

That was less than a year ago. Since then the 107,943-square-foot strip mall has gotten a new stone and brick facade, LED lighting, landscaping, improvements to the parking lot and other upgrades, and businesses are responding to the transformation. 

“It was finished without a question of ‘Let’s get by,” Rosenblatt said. “If it works for the tenants, then it will work for us.”

The renovations are about 95 percent complete. Fourteen storefronts are filled, and about eight more – plus the vacant former supermarket – are available for rent.

Rosenblatt said he recently signed four new tenants. With quality businesses and upgrades to the exterior, the shopping center is becoming an inviting place for shoppers driving down Route 9, he said, and tenants are just starting to see increased traffic.

Without a supermarket, JD’s Pub & Grille continues to be the anchor. Smitty’s Liquors signed a new 10-year lease last year, and with recent additions including the martial arts studio, Dollar General and Smithville Eats, which opened last month, things are moving in a positive way, Rosenblatt said.

Dunkin' Donuts is set to open Feb. 19, complete with a drive-through.

“It will bring more people to the shopping center and ultimately bring more stores in here,” Simkin said. “Parents can grab a cup of coffee while they wait for their kids.”

Rosenblatt is staying true to his word, Simkin said.

“Harvey really seems to be turning this shopping center around. He has a certain objective, and he wants everyone to benefit,” he said.

Elizabeth Kurban, who lives in Galloway and manages Smithville Eats, which opened last month, said business has been "amazing." Four Seasons residents have really taken advantage of a new place to grab a bite to eat, she noted.

She said Smithville Eats offers something for everyone, including rice bowls, a variety of sandwiches, smoothies, and crepes, which she said are their specialty.

Kurban's hope is that Dunkin' Donuts will bring more people to the center, and once there, they will shop and stop by for a bite to eat.

“We need foot traffic. Dunkin' Donuts will bring different people to the shopping center, like Stockton kids who maybe don’t want just Starbucks,” she said.

Danny DeFilippo of Village Cleaners, which has been at the location for 25 years, said Rosenblatt has done a great job improving the center.

“It looks beautiful. He has invested a lot of money into this,” DeFilippo said. “Dunkin' Donuts will help. But we really need a food store.”

Several anchor stores have come and gone. Shop n Bag closed in the early 2000s, Smitty’s Super Foodtown closed in 2014, and Incollingo’s Marketplace opened there in March 2014 and closed in less than a year.

Rosenblatt said he is actively seeking a grocery store to go in the roughly 50,000-square-foot building; he is even open to dividing it.

“We’ve been out there trying to target Aldi or Lidl – Aldi’s main competitor. We are targeting the right food establishments to compete with ShopRite and not go out of business.”

He said he likes the momentum he is seeing.

“I can’t wait until Dunkin' comes in,” he said. “People like to see cars and humans, not birds and buses.”

Rosenblatt can be reached via email at harvey@p3re.us.

Email Madelaine Vitale at mvitale@catamaranmedia.com.

 

Dunkin' Donuts is a sweet addition to Smithville Square

GALLOWAY – Dunkin’ Donuts opened its doors to hordes of patrons eager for cup of coffee and a sweet treat Sunday, Feb. 19 at Smithville Square on Route 9.

The shopping center parking lot, which has more than 500 spaces, was nearly full as people lined up to place their coffee and doughnut orders.

Smithville Square developer Harvey Rosenblatt of P3RE Properties said Tuesday, Feb. 21 that Dunkin’ Donuts is drawing lots of traffic at the rebounding shopping center. Rosenblatt purchased the 107,943-square-foot plaza last year, and renovations are nearly complete. 

Dunkin’ Donuts is the latest tenant to open in the center, which has about 10 slots left to fill.

Rosenblatt said patrons packed the center to stop at Dunkin’ Donuts and do some other shopping. He said there is a tremendous momentum building since the store’s grand opening.

“I was waiting until primary construction was done and when Dunkin’ was done so I could start heavily promoting it,” Rosenblatt said. “I am showing space to a possible gym tenant.”

He said township officials including Mayor Don Purdy, Deputy Mayor Tony Coppola and other members of the governing body, Police Chief Donna Higbee and Township Manager Chris Johansen have been extremely supportive of the project, which includes a drive-through window.

Purdy attended the grand opening, along with other officials including Councilman Tony DiPietro.

“It is very exciting for not just the Smithville community but for Galloway Township,” Purdy said Tuesday. “Harvey had vision and devotion to bring a depressed shopping center back to life.

“I would like to thank Dunkin’ Donuts for being a great supporter of Galloway Township to come here and see and understand the vision. I think with Smithville residents and the Four Seasons there will be plenty of people to patronize the center. It is really an asset to the community.”

Rosenblatt said the grand opening and support from the mayor and the community has been strong.

“It was a great day,” Rosenblatt said. “The mayor told the story that if you don’t built it, I will. He has really been helping us. I see the additional traffic and momentum. Dunkin’ should really help drive quality tenants to the shopping center.” 

Harvey Rosenblatt: 'Plan, perform, prosper'

Harvey Rosenblatt and his real estate firm P3RE are winning praise for buying and upgrading a Galloway Township shopping center.

Rosenblatt, 32, has renamed the center Smithville Square, has signed on new tenants and plans to host free weekly concerts to draw traffic next summer. His approach includes building relationships with workers in each business, and not just the bosses who pay the rent.

View full article and video at: http://www.pressofatlanticcity.com/harvey-rosenblatt-plan-perform-prosper/article_c2dc2938-89fc-5499-8083-b2423034689d.html

“P3 means ‘plan, perform and prosper,’” Rosenblatt says. “We’re a start-up, and we’re in the midst of that ‘plan, perform’ stage, but we’re starting to see some prosperity come in, too. It’s exciting to see the full transformation start to take effect.”

— Martin DeAngelis

 

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