Signature Acquisitions adds 120K-square-foot Warren office, retail site

American Equity Partners enlists Cushman & Wakefield for sale

Jessica Perry//March 17, 2023//

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Nearing the end of 2022, 10 Independence Blvd. in Warren was approaching full occupancy. Now, the 120,623-square-foot office building and 8,250-square-foot retail pad site has a new owner.

On March 16, Cushman & Wakefield announced it represented American Equity Partners in the sale of the property to Cranford-based Signature Acquisitions. Executive Director Frank DiTommaso; Executive Vice Chairs David Bernhaut, Andy Merin and Gary Gabriel; and Financial Analyst Will Gerlin worked on behalf of the seller. Financial terms were not disclosed.

Located within the Independence Boulevard office park – with 650,000 square feet of office space spread across five buildings – 10 Independence Blvd. is a four-story building that recently saw a full renovation. That work updated the lobby, common areas, restroom, fitness center, game room, lounge and conference area.

10 Independence Blvd. in Warren is a 120,000-square-foot office building that includes a 8,250-square-foot retail pad site. — The recently developed retail pad site at 10 Independence Blvd. in Warren will be home to the town’s first drive-thru. – CUSHMAN & WAKEFIELD

According to a statement from David Elkouby, partner at East Brunswick’s AEP, the sale is a testament to the “flight to quality” adage.

“We completely renovated this building using the highest quality materials and incorporated high-end amenities which kept our occupancy rate at over 95%,” he said.

In addition to the office space, a retail pad site was recently added. The update includes the only approved drive-thru in Warren, according to Cushman & Wakefield, and will house a Dunkin’ Donuts with the potential to add other quick service restaurants and the potential for light medical uses.

“American Equity Partners did an exceptional job during their ownership of 10 Independence, not only adding top-quality amenities and finishes within the office building, but also utilizing excess land to develop a brand-new lifestyle and retail pad on the property which will improve the overall office experience,” DiTommaso said in a statement. “With an existing major footprint along the I-78 corridor, and particularly within the Exit-33 submarket, Signature Acquisitions was the ideal buyer for this site as they continue to expand their presence locally.”

In December 2022, Signature Acquisitions added another trophy office property to its portfolio, with the $88 million acquisition of a 430,000-square-foot Parsippany property. Over the fourth quarter of last year the firm said it negotiated more than 60,000 square feet of new, expanded and renewed office leases.

In Somerset County, 10 Independence Blvd. is located on Interstate 78, near the interchange of that roadway and Interstate 287 – about equidistant from New York City and Pennsylvania.