22 — October 2026 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
Bergman’s 238,000 s/f 7 Giralda Farms reaches 100% occupancy
Ryan Cottone & Jose Cruz of JLL advise sellers on sale CREI & Kadima sell 840,000 s/f New Jersey industrial portfolio
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EW JERSEY — Corebridge Real Estate Investors
(CREI) and Kadima In- dustrial Partners (Kadi- ma) announced the sale of a 12-property, 840,000 s/f infill industrial portfolio in New Jersey to L&B Realty Advi- sors . The portfolio was 97% leased at the time of the sale, and JLL advised CREI and Kadima on the sale. The transaction marks the successful completion of a multi-year strategy by CREI and Kadima to assemble and upgrade an infill industrial portfolio across New Jersey’s tightest logistics markets. The venture was able to execute on the business plan by building institutional scale in a frag- mented sector and executing a disciplined leasing plan. “This realization of our busi- ness plan reflects the signifi - cant value achieved through disciplined acquisitions and active asset management,” said Marianne Ganster, managing director and head of U.S. Asset Management at Corebridge Real Estate In- vestors. “By capturing strong mark-to-market leasing op- portunities, we delivered an attractive outcome while po- sitioning the portfolio for con- tinued growth under its new
7 Giralda Farms, Madison
tenant employees. The property’s major trans- formation helped attract some of the region’s most prominent law firms, including Riker Danzig, Saiber, Kelley Drye & Warren, and Wilson Elser, as well as pharmaceutical, wealth management and pro- fessional service firms that call 7 Giralda their home. The building’s success comes amid a changing New Jersey office market in which ten- ants are increasingly looking beyond the space itself to the financial strength and reli- ability of ownership. “For years, we’ve always talked about a flight to qual - ity,” said Bill Brown , ex- ecutive director of Cushman & Wakefield. “Candidly, since 2022, when interest rates spiked, it’s become a flight to capital for tenants seek- ing landlords that have the capital, experience and profes- sionalism to perform. And in this ownership group, Berg- man Real Estate Group and Eightfold Capital clearly dem- onstrated they had the ability to perform.” “We have a landlord who has a high trust value in the market with a great financial partner, and tenants just sim- ply wanted to be in the build- ing based on the amenities,” Brown said. The strength of the sur- rounding pharmaceutical sector has also played an important role. The Madison- Morristown area offers access to an established pharmaceu- tical and life sciences talent pool, while changes elsewhere in the industry have made that concentration of experienced professionals increasingly valuable to employers. 7 Giralda is part of the gated 310-acre Giralda Farms Corpo- rate Campus, situated on the former Geraldine Rockefeller Dodge Estate. The property is 1.5 miles from downtown Madison and three miles from downtown Morristown, with convenient access to Rte. 24, I-287, I-80 and I-78 as well as the Madison and Convent Station train stations. MAREJ
MADISON, NJ — Bergman Real Estate Group announced that 7 Giralda Farms, a 238,000 s/f class A office building in Madison has reached 100% occupancy. This milestone fol- lows a successful repositioning that began when Bergman Real Estate Group acquired the property in July 2021. The achievement follows the signing of two recent pharma- ceutical transactions: a long- term renewal by LEO Pharma for 33,000 s/f and a new 7,736 s/f lease with Spanish phar- maceutical company Esteve Pharmaceuticals. The Cushman & Wakefield leasing team of Bill Brown, Joshua Cohen and Heather Polhamus have executed 18 leases totaling 222,000 s/f at the property, attracting a well- blended mix of pharmaceutical companies, law firms, wealth management companies and family offices. “From the moment we ac- quired 7 Giralda Farms, we believed in the property’s poten- tial,” said Michael Bergman, president and CEO of Bergman Real Estate Group. “We knew that with the right capital in- vestment, strong ownership, an experienced leasing agent and a focused leasing strategy, 7 Giralda could distinguish itself in the market as a best-in-class office building. Reaching 100% occupancy speaks to the strength of that vision and the invaluable partnership we’ve had with our investor partner, Eightfold Real Estate Capital , Cushman & Wakefield, and our lender, Shem Creek Capital .” Bergman acquired 7 Giralda Farms when the building was 60% occupied by only two ten- ants. Bergman embarked on a multimillion-dollar capital im- provement program designed by Studio 1200. Improvements included renovations to the two-story atrium lobby, caf- eteria and fitness center, along with new indoor and outdoor gathering areas, a conference and training center, yoga room, employee lounge/game room and nine-hole disc golf course. The property also offers full under-building parking for all
4 East Stowe Rd., Marlton, NJ
ownership.” “We are proud to have as- sembled this 12-asset portfolio 100% off-market over the past four years through our proac- tive acquisitions platform,” said Aaron Malitzky , presi- dent at Kadima. “We remain extremely bullish on shallow- and-mid-bay opportunities in the region and wish the new owners continued success on the highly functional assets that they acquired.” “We continue to see strong demand from investors for well-located, shallow-bay in- dustrial product,” said Ryan Cottone , director at JLL. “This portfolio provided the buyer with an attractive op- portunity to acquire critical mass in well-established lo- cations throughout southern New Jersey.”
Jose Cruz , senior manag- ing director at JLL adds, “It was a true team effort from everyone involved to make this spectacular deal come to frui- tion. We are thankful for the partnership’s faith in our abil- ity to execute the transaction.” Spread across premium, supply-constrained corri- dors in Burlington, Camden, Gloucester, and Passaic Coun- ties, the portfolio features warehouse and industrial flex properties and benefits from immediate access to major transportation infrastructure and dense population centers. Currently leased to a highly diversified roster of logistics, manufacturing, and business service tenants, the portfo- lio offers stable, immediate cash flow alongside long-term growth potential. MAREJ
Bussel Realty Corp.’s Gregory Irving, SIOR brokers sale of 43 & 44 Commerce St. in Springfield, NJ
SPRINGFIELD, NJ — Bussel Realty Corp. (BRC) announced the sale of two flex proper- ties at 43 and 44 Com- merce St. in Spring- field, total- ing 6,100 s/f. The proper- ties traded in separate transactions for a combined $2.08 million. 43 Commerce St., a 2,100 s/f flex building, sold for $685,000 to TPG LLC. 44 Commerce St., a 4,000 s/f flex building, sold for $1.395 mil- lion to 1307 Property LLC, which was represented by Bennett Realty . Gregory Irving, SIOR , executive VP of Bussel Re- alty Corp., represented the ownership of both proper- ties, 43 Commerce Street LLC for 43 Commerce St. Gregory Irving
43 and 44 Commerce St.
and Commerce Street Prop- erties for 44 Commerce St., in the transactions. “These sales reflect the continued high demand to purchase well-located, func- tional properties in the North- ern New Jersey market,” said Irving. “Both 43 and 44 Commerce Street offered a compelling combination of office and warehouse space, accessibility and proximity to major transportation cor- ridors. The successful sale of
both properties demonstrates the strong appeal of smaller, strategically located com- mercial assets to both owner- users and investors.” Located in a well-estab- lished commercial area of Springfield, 43 Commerce St. features 2,100 s/f, including 800 s/f of warehouse space and 1,300 s/f of office space. The property includes 11-ft ceiling heights, one tailboard loading position and seven parking spaces. MAREJ
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