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Deals & Dealmakers

P3RE acquires stake in SJP Properties’ Somerset Corporate Center in NJ

SJP Properties announced that P3RE has made an equity investment to become a partner in three of the five Class-A office buildings comprising Somerset Corporate Center in Bridgewater, N.J.

The partnership aligns P3RE, a Jackson, N.J.-based real estate company that has quickly positioned itself as a significant player in the New Jersey commercial real estate market, with the established market leadership of SJP Properties.

Under the partnership agreement, SJP will continue to manage and lease the assets – Somerset Corporate Center I, II and V – as the operating partner.

“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,” stated Steven J. Pozycki, Founder and CEO of SJP Properties.

“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 approximately two million square feet of commercial office and retail space in and around New Jersey, including BroadAcres Office Park in Bloomfield, and Eisenhower Corporate Campus in Livingston.

“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,” stated Rosenblatt. “I look forward to further developing our relationship with SJP Properties for many years to come.”

Somerset Corporate Center is home to numerous leading-edge companies, including Linde Americas, iconectiv, Mazda, Kering Eyewear, Allergan, Cognizant Technologies, Aon Hewitt and Merrill Lynch.Earlier this year, SJP Properties announced plans for a 130,000 s/f Life Time fitness facility, a Zinburger restaurant, and a 150-room AC by Marriott hotel and restaurant, within Somerset Corporate Center.

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