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Bergman Real Estate Group and Manhattan Management Acquire
Holmdel Executive Center. |
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Bergman Real Estate Group, a leading owner and manager of
commercial office properties based in North Brunswick, N.J.,
and its joint venture partner, Manhattan Management Company,
have acquired the Holmdel Executive Center, a two building
office complex comprising 75,000 square feet located at 960
Holmdel Road in Holmdel, New Jersey.
Bergman and Manhattan management purchased the property from
Credit Suisse First Boston and The Schultz Organization. Jonathan
B. Schultz and Dave Iacobucci of The Schultz Organization
represented the Seller in this transaction. Acquisition financing
was obtained from The Bank of New York who provided the Buyer
with a loan of $6,150,000.
"This acquisition represents a valuable addition to our growing
portfolio," says Michael Bergman, Vice President of Acquisitions,
Leasing and marketing for Bergman Real Estate Group. "The
complex is ideally situated to benefit form the strong office
market and excellent demographics in Monmouth County."
Monmouth County, which has been ranked as one of the most
desirable places to live by Money Magazine, features a large,
diverse and highly educated labor pool. "This area of Monmouth
County is a leading center for technology companies and houses
some of the nation's top corporations such as AT&T, Lucent
Technologies, Prudential Insurance and Telecordia Labs.,"
continued Mr. Bergman.
Holmdel Executive Center is located near the intersection
of Route 520 and Holmdel Road offering convenient access to
Route 9, Route 18, Route 34, and Exits 109, 114 and 117 of
the Garden State Parkway. Formerly known as the "Ranger Complex,"
the property was developed by Henry West and David Shaheen
of Ranger Associates in 1981 and 1983, based upon the architectural
design by the renowned architectural firm or Rothe, Johnson,
Fanticone.
Holmdel Executive Center features two separate, 2-story first
class office buildings totaling 75,000 square feet situated
on a professionally landscaped 17-acre site. The two buildings
have a clean, modern architectural design and offer such features
as 24-hour access and an on-site building manager. The upgraded
lobbies were extensively renovated in the first quarter of
1999. The complex also features abundant parking and the convenience
of nearby restaurants, shopping, banking and a host of other
services.
Holmdel Executive Center is currently 97% leased with such
prestigious tenants as 3COM and Marketware Int'l, a subsidiary
of TD Waterhouse, among others. "We're confident that our
hands-on approach to professional management of these buildings,
and our commitment to providing high quality services, will
meet the growing needs of our tenants" says Mr. Bergman.
Formed in 1961, Manhattan Management Company owns and manages
over 4,000 apartment units in New York, New Jersey, Oklahoma,
and Louisiana, as well as several office buildings in New
Jersey comprising over 600,000 square feet.
Started in 1988 by Jerome Bergman, President and CEO, Bergman
Real Estate Group specializes in the acquisition, ownership,
management, leasing, and construction supervision of commercial
office buildings for itself, and its joint venture investor
partners. Since its formation, Bergman has successfully acquired
over 20 commercial properties worth in excess of $120 million,
including 11 office buildings containing over one million
square feet of office space and 10 garden apartment properties
containing over 3,500 units. |
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