P3 Properties sells office campus in Bloomfield

BLOOMFIELD, NJ — P3 Properties has sold the 385,000-square-foot Broadacres Office Park in Bloomfield. ERCT Capital Group acquired the four-building property, even though the asset was not marketed for sale at the time. CommercialEdge data shows the campus last traded in 2017.

Located at 1455 Broad St. and 200, 300 and 400 Broadacres Drive, and completed in 1997, the four-story buildings underwent renovations in 2001 and 2006, according to CommercialEdge information. Common-area amenities include a newly built gym, on-site cafeteria and 1,226 parking spaces At the time of sale, the property was 91 percent leased.

Managing principals Dennis Gralla and James Scancarella, along with principal Jonathan Marks from Cresa arranged the transaction on behalf of the buyer. The seller was self-represented.