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.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Black Friday starts now! We've got great deals on Inman Connect New York in-person and virtual tickets. Register now×
Cyber Week Sale: Get 1 year of Inman Select for $75.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription