PRISM ACQUIRES CARTERET INDUSTRIAL PROPERTY TO RELOCATE TENANT FROM PARKWAY LOFTS REDEVELOPMENT SITE
Berjé Inc. Headquarters will Expand to 230,000 Sq. Ft. at 700 Blair Road
CARTERET, N.J. – November 28, 2011 – (RealEstateRama) — Prism Capital Partners, LLC, has acquired a 230,000-square-foot industrial building at 700 Blair Road in Carteret for the purpose of relocating Berjé Inc.’s headquarters to the property from its Parkway Lofts site in Bloomfield. The move represents an expansion for Berjé, a global distributor of essential oils and aromatic chemicals, and paves the way for the start of construction for Parkway Lofts, a multi-family adaptive reuse project.
Prism purchased the 700 Blair Road building from BASF Corporation in an all cash transaction. Subsequently, the firm secured $7.3 million in financing from TD Bank to complete base building improvements for Berjé, which leased the property on a long-term basis. Berjé will be constructing approximately 30,000 square feet for their Executive offices, and research and development laboratories.
“This structured approach falls in line with our firm’s history of value-add acquisitions and prudent leveraging,” noted Gene Diaz, a principal partner with Prism. “The building purchase and subsequent lease is a win-win for both Prism and Berjé. We had added a well-located, immediately stabilized asset to our portfolio while retaining a valued tenant, and that tenant has secured a new headquarters that will accommodate its growth needs in custom-designed space.”
Berjé, a 60-year-old, family-owned business supplies the flavor, fragrance, pharmaceutical and allied trades. It maintains satellite offices in Los Angeles and Chicago. The firm’s space at 700 Blair Road will include 200,000 square feet of warehouse spaces and 30,000 square feet of office accommodations.
Currently, the firm occupies 150,000 square feet at 5 Lawrence St. in Bloomfield, part of a 113-year-old, former General Electric Company industrial property that will become Parkway Lofts. Prism is readying to begin construction on Phase I of the project, which includes the conversion of the 365,000-square-foot building into 355 loft-style apartments. At build out, the 14.5-acre site – which is located on the Garden State Parkway spanning Bloomfield and East Orange – will be transformed into a distinctive, high-density residential village.
“Berjé is the last remaining tenant at 5 Lawrence Street,” Diaz said. “Its relocation represents a milestone for Parkway Lofts and one of the final steps in preparing the site for redevelopment. This signature project represents not only a major transformation of an iconic, but dated, industrial property, but the rebirth of an entire neighborhood.”
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