Wells Real Estate Investment Trust Inc. acquired 400 Bridgewater Crossing, an eight-story, class A office building in Bridgewater, N.J., the twin to an adjacent Wells REIT property.
The value of the transaction was not disclosed.
The 297,380-square-foot building, built in 2002, was 53 percent leased at the time of sale 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.
Other tenants at 400 Bridgewater include King Pharmaceuticals and Infosys Technologies; overall, the building was 84 percent leased at closing. The building was purchased from O’Connor Capital Partners.
The Bridgewater Crossing buildings, located in the I-78 Corridor submarket 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 Mall.
Wells REIT is a public, nontraded REIT specializing in office properties, which now has 86 buildings in 24 states (including Washington D.C.), totaling approximately $4.5 billion based on purchase price and covering more than 20 million square feet.
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