Bergman Sells 100 Eagle Rock Ave. in Hanover to Zeinvest

100 Eagle Rock Avenue, East Hanover Twp., NJ

EAST HANOVER, NJ—Bergman Real Estate Group has sold 100 Eagle Rock Avenue in East Hanover to Zeinvest Real Estate Group in a sale arranged by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. Situated on 8.6 acres, the 90,339-square-foot, three-story class A building drew strong interest from the regional investment community, Cushman & Wakefield says. The property is 79 percent leased to 11 tenants across various industries – including business consulting, engineering, finance, healthcare, insurance and real estate – and has a strong history of tenant retention. The sale price was not disclosed. Bergman paid about $6.4 million when it bought the property in 2014. “ 100 Eagle Rock Avenue offers stable cash-flow with upside potential,” says David Bernhaut , who headed the assignment for Cushman & Wakefield with Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew Schwartz . “In a market with significant vacancy in bigger buildings with large floor plates, this offering provided a very viable office investment. 100 Eagle Rock Avenue is perfectly sized for this niche market, with easy divisibility that enables it to accommodate tenants from as small as 1,000 square feet to those over 30,000 square feet.” It’s the second time Cushman & Wakefield has sold the property. As previously reported by GlobeSt.com, it brokered the sale of the asset to Bergman in August 2014. Bergman , says Bernhaut , “did a nice job repositioning the asset by stabilizing the occupancy and upgrading common areas throughout the building.” Zeinvest , he says, will benefit from the stabilized cash flow and can concentrate on leasing up the remaining vacancy. 100 Eagle Rock Avenue includes a recently improved, two-story atrium lobby, on-site café service with WiFi and an outdoor seating area. Its granite and glass exterior is complemented by a well-landscaped, private office park setting featuring a pond with a fountain and walking paths. “This building is located within a 15-minute drive to some of New Jersey’s most desirable and affluent areas, including Florham Park, Livingston, Madison, Morristown, Montclair, Roseland and Short Hills, among others,” says Cushman & Wakefield’s Schwartz . “The average household income within a three-mile radius of 100 Eagle Rock Avenue is $151,805, which is 52 percent higher than the state’s overall average. This region is recognized as a premier location for businesses, offering a deep labor pool, diversified housing and a strong corporate presence.”