New Jersey Adaptive Reuse Property Commands $85M
- Oct 10, 2019
A Class A New Jersey office campus formerly used to manufacture plumbing products has sold for $85 million to The Birch Group. The seller, New York-based Meritage Properties, purchased the property in 2006 for $67.6 million, per Yardi Matrix data. The deal comes after a 230,000-square-foot office property in Florham Park, N.J., traded this week for $31 million.
American Metro Center is located at 200 American Metro Blvd. in the township of Hamilton, about 4.5 miles from downtown Trenton. The sprawling two-story property was built in 1924 on 65 acres as a manufacturing facility and has a total of 487,072 square feet. In 2004, the property was converted to office space. American Metro Center is located adjacent to the Hamilton Train Station, a New Jersey Transit hub along the Northeast Corridor line.
Plumbing fixture company American Standard ceased operations at American Metro Center in 2001, when the manufacturer decided to consolidate its operations, according to Ceramic Industry News. The Piscataway, N.J.-based company had used the property to manufacture toilets, bidets, lavatories and basins for 75 years. Historic design features of American Metro Center that were preserved from its original construction include exposed brick, high ceilings, larger-than-average windows and skylights.
The Birch Group’s principal, Mark Meisner, said in a release that he was set on acquiring the “unique” building from the first time he toured the property. He added that his company plans to upgrade the amenities at American Metro Center to help drive future leasing.
A CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale represented the seller and procured the buyer. A CBRE leasing team of Adam Englander and Matt Saker assisted in the sale process.