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Bergman Real Estate group acquires Fairfield 80 office center from
Aetna / US Healthcare
Purchase marks new joint venture partnership with South Charles
Investment Corp., a subsidiary of Bank of America.
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Michael
DiFede, Director of Business Development & Acquisitions
for Bergman Real Estate Group, announced the purchase of
the 110,000 square foot Fairfield 80 Office Center in a
joint venture with South Charles Investment Corp., a subsidiary
of Bank of America. |
The 4-story, attractive atrium-style office building
is being reintroduced into the marketplace as a multi-tenant
rental property after having been solely owned and occupied
by Aetna / US Healthcare for the past 12 years.
Aetna
Life Insurance will continue to occupy the first two floors,
while the third and fourth floors totaling 67,000
square feet will now be available for lease. Each floor contains
33,500 square feet of primarily open space layout with some
perimeter offices. The floors can be divided to accommodate
multiple tenants. Says Michael Bergman, Vice President of
Leasing and Marketing, “Despite the current slow leasing
velocity throughout most of New Jersey’s commercial
office markets, we saw this building as an excellent opportunity
to control one of the largest blocks of “ready-to-go” office
space in the Fairfield-Wayne/Routes 46 & 23 sub-market
market, and Fairfield 80 represents one of the best locations
with direct access and visibility to Interstate 80.”
Located at 55 Lane Road in Fairfield, just off Route 46
and the I-80 Interchange at Passaic Avenue/Two Bridges Road,
the Class “A” Building offers a dramatic 30 foot
high atrium lobby, an abundance of corner windowed offices
(some with private balconies) due to its’ unique architectural
design and ample parking with some covered under the Building.
Tenants will enjoy the convenience of the property’s
strategic location, which is in close proximity to numerous
restaurants, retail stores, banking facilities and hotels
found along Route 46 and at the Willowbrook Mall. Also nearby
is the Essex County (Caldwell) Airport just two miles down
the road.
Fairfield 80 Office Center was brokered by the Tri-State
Investment Team of CB Richard Ellis, led by Steven Bardsley
and Lynn DeMarco, who represented Aetna in the marketing
and disposition of the property. Bergman Real Estate Group
financed the purchase with an acquisition loan from Bank
of New York, who has been Bergman’s primary lender
for most of its’ acquisitions.
Bergman Real Estate Group
has earned a solid reputation as a leader in the acquisition,
ownership, management, leasing,
and financing of commercial office properties throughout
the Northern and Central New Jersey marketplace. “The
Fairfield 80 Office Center represents another fine addition
to our portfolio of NJ office buildings and offers outstanding
potential for value appreciation and a sound investment for
our investors," explains Michael DiFede. “Of course
there is a lot of homework involved in order to pull off
a successful acquisition, but besides the firm’s strict
underwriting criteria and prudent due diligence efforts,
it is the skill and dedication of our staff and their tremendous
work ethic that have enabled a complex transaction such as
this to go smoothly,” comments DiFede.
The company prides
itself on its hands-on, ownership/management style in operating
its’ properties, with a primary
emphasis on Tenant satisfaction and Broker cooperation. “We’re
in the hospitality and relationship business,” comments
Michael Bergman. “Our job and goal is to provide top
quality services to our tenants to assure a comfortable and
pleasant work environment for their employees, which hopefully
results in their long term occupancies in our buildings.
If we do our job right, and we think we do, then the brokerage
community who we rely upon will be more inclined to bring
us their tenants.”
Bergman Real
Estate Group’s comprehensive approach
has served it well since its beginnings and promises to do
the same in the future. Since its formation in 1988 by Jerome
Bergman, President and son Steven Bergman, Vice President,
the company has successfully acquired over 24 commercial
properties worth in excess of $200 million, including 15
office buildings containing over 1.5 million square feet
of office space and 10 garden apartment complexes containing
over 3,500 units in Houston, Texas.
More
Stories:
• Bergman Real Estate group acquires Fairfield 80 office center from
Aetna / US Healthcare.
Read
the story
• 155 Passaic Avenue Purchased in Joint Venture by Bergman Realty
and Manhattan Management.
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the story
• Bergman Real Estate Group & Grand Realty Group Join Forces to Acquire
100 Davidson Ave, Franklin Twp.
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the story
• Bergman Real Estate Group and Manhattan Management Acquire
Holmdel Executive Center.
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the story
• Bergman Real Estate
Group and Strategic Property Advisers Complete
Morristown Office Centre Acquisition.
Read
the story
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