NEW PROVIDENCE, NJ—Bergman Real Estate Group has sold 121 Chanlon Road in New Providence. Cushman & Wakefield's Metropolitan Area Capital Markets Group arranged the property's sale to a private entity that was not identified.
Situated on 6.5 acres within the Murray Hill section of New Providence, the 112,260-square-foot, four-story building initially was constructed for a single user. Bergman acquired the property in October 2014, repositioned it as a multi-tenant asset, and today it is 85 percent leased to a diverse group of companies in publishing, technology and healthcare, among others.
“Bergman successfully transitioned 121 Chanlon Road into a niche asset for the immediate market,” says David Bernhaut, who led the assignment with Cushman & Wakefield colleagues Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso.
“Tenants benefit from immediate access to the NJ Transit rail line and a wealth of neighborhood amenities, including the newly renovated Shoppes at New Providence,” says Schwartz. “Additionally, the property has an unmatched curb appeal that is further enhanced by its classic architectural features.”
121 Chanlon Road attracted healthy bidding activity, according to DiTommaso. “Potential buyers were impressed with the quality of the building's tenants and the opportunity to add value by leasing the remaining available space,” he says.
“The property's location and accessibility were major selling points as well. New Providence sits in the heart of New Jersey's 'Wealth Belt,' placing it within a 15-minute drive to some of New Jersey's most desirable towns.”
Correction, 6/13/2016: An earlier version of this story misspelled the name of the property seller in the headline. It is Bergman Real Estate Group, not Berman. To preserve hyperlinking of news alerts, the spelling of the firm in the URL of this page has not been corrected.
NEW PROVIDENCE, NJ—Bergman Real Estate Group has sold 121 Chanlon Road in New Providence. Cushman & Wakefield's Metropolitan Area Capital Markets Group arranged the property's sale to a private entity that was not identified.
Situated on 6.5 acres within the Murray Hill section of New Providence, the 112,260-square-foot, four-story building initially was constructed for a single user. Bergman acquired the property in October 2014, repositioned it as a multi-tenant asset, and today it is 85 percent leased to a diverse group of companies in publishing, technology and healthcare, among others.
“Bergman successfully transitioned 121 Chanlon Road into a niche asset for the immediate market,” says David Bernhaut, who led the assignment with Cushman & Wakefield colleagues Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso.
“Tenants benefit from immediate access to the NJ Transit rail line and a wealth of neighborhood amenities, including the newly renovated Shoppes at New Providence,” says Schwartz. “Additionally, the property has an unmatched curb appeal that is further enhanced by its classic architectural features.”
121 Chanlon Road attracted healthy bidding activity, according to DiTommaso. “Potential buyers were impressed with the quality of the building's tenants and the opportunity to add value by leasing the remaining available space,” he says.
“The property's location and accessibility were major selling points as well. New Providence sits in the heart of New Jersey's 'Wealth Belt,' placing it within a 15-minute drive to some of New Jersey's most desirable towns.”
Correction, 6/13/2016: An earlier version of this story misspelled the name of the property seller in the headline. It is Bergman Real Estate Group, not Berman. To preserve hyperlinking of news alerts, the spelling of the firm in the URL of this page has not been corrected.
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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].
