EAST HANOVER, NJ—Bergman Real Estate Group has acquired 100 Eagle Rock Avenue, a 90,000 square-foot office property in East Hanover, NJ, for about $6.4 million in a joint venture with a vehicle managed by Rialto Capital Management, a wholly owned subsidiary of Lennar Corporation.
Michael DiFede, Bergman's director of acquisitions, and Michael J. Brody, principal of Garden State Office Properties, represented Bergman Real Estate Group in the acquisition. Gary Gabriel and Kyle Schmidt of Cushman & Wakefield represented the seller, TA Associates.
“This offering provided an excellent opportunity to capitalize on the timing in the market and acquire a well-maintained, class A office property strategically located with easy access to major highways and within close proximity to area amenities,” says DiFede.
Bergman feels the property's location is in a desirable submarket with strengthening real estate fundamentals. The transaction closed for $71 per square foot, or about $6.4 million.
“This represents the first acquisition of our newly formed affiliate, Garden State Office Properties, a partnership between Bergman Real Estate Group and Michael J. Brody,” says Michael Bergman, president of Bergman Real Estate Group. “This is an ideal example of GSOP's strategy in acquiring New Jersey office and other select commercial properties that offer significant upside and leveraging our expertise to maximize value for the asset.”
The property includes as tenants Friedman LLP, a major regional accounting firm; Burns & McDonnell, a worldwide engineering firm; and Hartford Fire Insurance Company.
The property is near the Eisenhower Parkway at Exit 4 of I-280, with access to I-287, I-80, US Highway 46, and Routes 10, 24 and 202. It is close to banking and retail stores, including The Livingston Mall and The Mall at Short Hills. There also are more than 10 hotels and several country clubs, including Mountain Ridge, Green Brook, and Montclair Golf Club, within a five-mile radius.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
