Real Estate Journal — New Jersey — February 13 - 26, 2015 — 3B
www.marejournal.com
M id A tlantic
N ew J ersey Financed with acquisition loans from M&T Bank Bergman RE Group acquires 112,000 s/f office building
Prime Property for Lease in Southern New Jersey
Whitesell Properties >> Industrial >> 2703 Cindel Dr, Delran, NJ >> 217,693 sq. ft.
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EW PROVIDENCE, NJ — Bergman Real Estate Group and its
affiliated company Garden State Office Properties has acquired a 112,000 s/f office building located at 121 Chan- lon Rd. in New Providence, with a vehicle managed by Ri- alto Capital Management , a wholly owned subsidiary of Lennar Corporation . Steven Schultz of Newmark Grubb Knight Frank represented the seller, Reed Elsevier, Inc. in the transaction, whileBergmanwas representedby MichaelDifede , director of acquisitions and Michael Brody , principal of Garden State Office Properties. 121 Chanlon Rd. is part of a two-building office complex known as the New Providence Business Campus, which has been owned and occupied by Reed Elsevier, Inc. and served as a corporate headquarters for Reed Elsevier’s LexisNexis and Martindale-Hubbell divisions. As part of a sale-leaseback transaction, Reed Elsevier consolidated into the two-story building, located at 630 Central Ave., while at 121 Chanlon Rd., Martindale LLC will continue to occupy a full floor of 35,000 s/f. “We are very excited about this new acquisition,” said Mi- chael Bergman , president of Bergman Real Estate Group. “This is a well-constructed, quality building that is brand new to the Summit/New Provi- dence office market, within walking distance to theMurray Hill Train Station and nearby retail and fitness facilities.” This purchase marks the second transaction in three months between Bergman and Rialto Capital. In August, the companies’ jointly acquired 100 Eagle Rock Avenue in East Hanover, New Jersey — a 90,000-square-foot office building. Both transactions were financed with acquisition loans provided by M&T Bank , represented by regional man- ager Richard Steele and vice president Mark Zurlini . Bergman is repositioning 121 Chanlon Rd. as a multi-tenant building. Bergman is planning to make significant capital improvements to the property, including a more prominent entrance, lobby upgrades with new lighting and furniture, and numerous other common area enhancements. Bergman has engaged Studio 1200 to design these planned improvements. n
AVAILABLE | INDUSTRIAL
• Designed for large scale warehousing or production operations • 1800 amp electric service, T-5 lighting • 30’+ clear height • 26 TG’s, 4 DI’s • ESFR sprinkler system
856-764-2600 | www.whitesellco.com Commercial Office & Industrial Real Estate
121 Chanlon Rd.
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