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.
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