REIT buys 300,000 s/f NJ complex.Wells Real Estate Investment Trust Inc. announced today it has acquired 400 Bridgewater Crossing, an eight-story class-A office building in Bridgewater, N.J., the twin to an adjacent Wells REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). property. The 297,380-square-foot building, built in 2002, is 53 percent leased by pharmaceuticals manufacturer sanofi-aventis; that company also occupies all of an identical adjacent building, 200 Bridgewater Crossing, acquired by Wells REIT in August 2003. Sanofi-aventis is rated AA- by Standard & Poor's and Al by Moody's. Other tenants at 400 Bridgewater include King Pharmaceuticals King Pharmaceuticals (NYSE: KG), the world's 39th largest pharmaceutical company, is based in Bristol, Tennessee.[1][2] King produces a wide range of pharmaceuticals, including Altace for heart attack prevention, Levoxyl for hypothyroidism, Sonata, a and Infosys Technologies; overall, the building is 84 percent leased. The building was purchased from O'Connor Capital Partners. "This is a textbook textbook Informatics A treatise on a particular subject. See Bible. example of our investment strategy--a strong corporate tenant in a strong location," said David Steinwedell, chief investment officer for Wells Real Estate Funds. "Sanofi-aventis is a great tenant, and we look forward to serving more of their real estate needs." The Bridgewater Crossing buildings, located in the 1-78 Corridor submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. of Northern New Jersey, are part of a larger master-planned development including a hotel, corporate housing and retail space, across the street from Bridgewater Commons Bridgewater Commons is a fully-enclosed mall located in Bridgewater Township, New Jersey. The mall is located at the intersection of U.S. Route 22 and U.S. Route 202/U.S. Route 206, and backs onto Interstate 287. The mall opened in 1988 and has a gross leasable area of 900,000 ft². Mall. "We think the Bridgewater project is the finest office project in its submarket--and of course, the area speaks for itself as a global business center," said Jeff Gilder gild 1 tr.v. gild·ed or gilt , gild·ing, gilds 1. To cover with or as if with a thin layer of gold. 2. To give an often deceptively attractive or improved appearance to. 3. , senior vice president of acquisitions. Gilder, along with Heather Griner, vice president of acquisitions, participated in the transaction for Wells. Wayne Maggin and Adam Spies of Eastdil represented the seller. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion