By Jon Peterson
New York City-based TH Real Estate has acquired the 187,268 square foot Bridgeway Technology Center in Newark for $39.5 million or $210 per square foot.
“We are pleased to acquire this well-located R&D property with immediate access to main travel arteries, including Highway 84 and I-880. Bridgeway Technology’s strategic location allows the property to draw from a vast labor pool including the Silicon Valley and the East Bay,” said Tim Goeke, acquisitions officer for TH Real Estate’s Northwest Region.
TH Real Estate acquired the property for one of its core focused investment funds. The real estate manager declined to name the actual fund.
The seller of the property was Newport Beach-based KBS Real Estate Investment Trusts, which has as an external advisor KBS Capital Advisors. The listing agent on the sale was the San Francisco office of Newmark Grubb Knight Frank. The team leading the efforts was Edmund Najera, executive managing director, Steven Golubchick, vice chairman, Grant Lammersen, vice chairman, and David Hosler, financial analist. All work out of the company’s San Francisco office. Neither of the companies responded to phone calls seeking comment for this story.
Bridgeway Technology Center is a two-building office/R&D asset located at 7007-7015 Gateway Boulevard in Newark. The complex is 100 percent leased to two tenants. One of the tenants in the property is Morpho Detection, a leading company in security and identity solutions. This firm last year renewed its least for 111,926 square feet.
The property does have an electronic billboard that is leased to Clear Channel through the year 2033. The complex was first developed in 1996. It went through a renovation in 2012. The asset covers nearly 13 acres of land.