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Bergman Real Estate Group & Grand Realty Group Join Forces
to Acquire 100 Davidson Ave, Franklin Twp.
In a joint venture between North Brunswick based Bergman Real
Estate Group and Grand Realty Group of Summit, New Jersey, BG
Davidson Associates LLC has purchased 100 Davidson Avenue, a
63,000 square foot office building, from Lincoln Property Company.
Located on a 3.06-acre site adjacent to the Marriot Hotel &
Conference Center just off the 4-way interchange of I-287 (Exit
10) and Easton Avenue, 100 Davidson offers convenient highway
accessibility via I-287, which intersects with I-78 approximately
ten miles to the north, and intersects with the NJ Turnpike
approximately 10 miles to the South. This property's excellent
location is within close proximity to other major NJ roadways
including, Routes 1, 18, 22, 28, and 202/206; all within a ten
minute drive of the building.
Greg Silvershein, president of Grand Realty Group and Jerome
Bergman, president of Bergman Real Estate Group represented
the new ownership in the purchase and in obtaining acquisition
financing from GMAC Commercial Mortgage. Andrew Merin, David
Bernhaut and Gary Gabriel of Cushman & Wakefield of New Jersey
handled the sale of the property on behalf of the Seller. Bergman
Real Estate Group will be responsible for the management and
leasing on behalf of the new ownership.
This marks the second venture between Grand Realty and Bergman
Real Estate. "We are very pleased with these acquisitions,"
explains Mr. Silvershein, "as our two firms share similar philosophies
in underwriting, owning and operating commercial real estate.
Grand Realty, founded in 1986, operates as an investment company
on behalf of private investors. In addition to Grand Realty's
real estate holdings, which presently exceed two million square
feet of office and industrial space in six (6) states, the company
also invests in other business ventures through its subsidiaries
and its affiliate company, Amherst Holdings.
100 Davidson is an attractive, 3-story office building which
features recently renovated common areas throughout, upgraded
elevators, ample parking, on-site management, and fiber optic
cabling to meet today's demanding telecommunication needs. The
Building currently provides offices to 20 companies, including
Verizon Wireless, 3-Com, The Wackenhut Corporation and Pulte
Homes.
This was the fifth major acquisition in the last 12 months by
Bergman Real Estate Group, a leading owner and manager of commercial
office properties in New Jersey. "While most of our acquisitions
over the years have involved turning around under-performing
properties, the fully leased 100 Davidson Avenue represented
solid value that we can enhance over the long term with responsive,
hands-on ownership and management, " commented Michael Bergman,
Vice President of Acquisitions, Leasing and Marketing for Bergman.
Started in 1988 by Jerome Bergman, President and CEO, Bergman
Real Estate Group is a professional real estate firm that specializes
in the acquisition, ownership, management, leasing and construction
supervision of commercial office buildings for itself, and its
joint venture financial partners. Since its formation, Bergman
has successfully acquired over 23 commercial properties, including
10 garden apartment properties containing over 3,500 units in
Houston, Texas, and 13 office buildings in both Houston and
New Jersey containing over 1.2 million square feet of office
space.
More Stories:
• Bergman Real Estate group acquires Fairfield 80 office
center from
Aetna / US Healthcare.
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the story
• 155 Passaic Avenue Purchased in Joint Venture by Bergman Realty
and Manhattan Management.
Read
the story
• Bergman Real Estate Group & Grand Realty Group Join Forces to Acquire
100 Davidson Ave, Franklin Twp.
Read
the story
• Bergman Real Estate Group and Manhattan Management Acquire
Holmdel Executive Center.
Read
the story
• Bergman Real Estate
Group and Strategic Property Advisers Complete
Morristown Office Centre Acquisition.
Read
the story
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