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FAIRFIELD, NJ - New York-based Time Equities has acquired a four-story office building here that it will reposition in a joint venture with Bergman Real Estate Group. The purchase price for the building at 155 Passaic Avenue was $5.6 million.
Originally acquired by Bergman in 2001, the 88,000-square-foot building will be refinanced as part of a plan to upgrade it and refill it with tenants. This is the second transaction for the two in three months. In April, Time Equities and Bergman formed a joint venture to purchase the loan for 51 Haddonfield Road, a 100,000-square-foot office building in Cherry Hill.
“After working closely with Bergman on the acquisition of 51 Haddonfield, we are confident that 155 Passaic Avenue will provide another excellent investment opportunity,” says Aaron Medeiros of Time Equities. “Within the last year, occupancy has continued to rise at 155 Passaic, and by restructuring the note, we will be able to offer more aggressive lease rates and further build on the leasing momentum already established.”
The building had only 57% occupancy before a leasing effort begun during negotiations on the deal brought it up to 82%. New tenants at the building include healthcare marketing firm Daniella Koren, mortgage company Mortgage Master, public accounting firm Weinberg Lieberman & Co., and law firm Castano Quigley.
Available spaces range from 1,400 to 3,500 square feet, according to Michael Bergman, president and CEO of Bergman. Time Equities plans to create a rotating art gallery of work by local and national artists in the lobby as part of its improvements to the building.
“We are excited to expand our relationship with Time Equities,” says Michael Bergman, president and CEO for Bergman Real Estate Group. “In both transactions, the partnership has enabled us to recapitalize and restructure these assets and positions us strongly to continue executing on our lease-up strategy.”
The Fairfield office building is set on four acres, and features a four-story, sky-lit atrium, on-site building management, and renovated common areas.
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