BroadAcres’ Bustling Business A Boon?

Posted on August 6, 2008. Filed under: Bloomfield Center | Tags: |

1455 Broad Street

1455 Broad Street

Taxes are pretty much Greek to me, especially property taxes, but as I understand them, a viable commercial tax base is critical for keeping residential property taxes down and is theoretically one of the reasons moving forward on the redevelopment of Bloomfield Center is such a critical issue. (Assuming, of course, that the plan isn’t loaded with the kinds of tax breaks and loopholes that end up costing taxpayers MORE money.) The New Jersey League of Municipalities has a nice primer, A SHORT AND SIMPLE GLIMPSE AT THE PROPERTY TAX IN NEW JERSEY, that is somewhat helpful, leaving me feeling mildly clueless instead of completely dumbfounded.

With taxes on the brain — Bloomfield Life, I think, had a recent article about the township-wide assessment happening this Fall that has me a little nervous — I figure it has to be a good thing to see that Prism Captial Partners is having success luring new tenants to their BroadAcres Office Park in northern Bloomfield, that they paid $52m for in 2006 and are in the process of an extensive renovation and upgrading of its grounds and infrastructure.

Four Leases Signed at BroadAcres

BLOOMFIELD, NJ-Prism Capital Partners has secured 27,000 sf of leases at its BroadAcres Office Park here. Four companies, three current tenants and one new occupant, have committed to space at the 380,000-sf, class A campus…

Kingsbridge Financial Group has relocated its headquarters from Seacaucus to 1455 Broad St., where it will occupy 5,000 sf on a five-year lease. Diversified Cos., Senior Financial Solutions and Kingsbridge were all represented by Prism Capital Partners principal Edwin Cohen, who also represented Prism, the owners of the property…

Rental rates for BroadAcres are listed as $25.50 per sf for 1455 Broad St. and $23.50 per sf for 200 and 300 Broadacres Dr. The property has seen a considerable amount of leasing activity in the past few months.

“We’re encouraged by the activity,” says Cohen. “Brokers are responding well to the improvements they’ve seen throughout the complex.”

(more…)

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    A transplanted New Yorker navigating the perils of first-time homeownership in the sortaburbs of New Jersey.

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