WOODBRIDGE, N.J. (May 15, 2004) – Continuing their program of office building acquisitions in New Jersey, Bergman Real Estate Group and its joint venture partner, Edison Investment Advisors, recently purchased 333 Meadowland Parkway in Secaucus, a five-story office building above covered parking with retail and warehouse facilities on grade level totaling 138,000 square feet. The complex was acquired from Hartz Mountain Industries, which was represented by brokers Jeffrey Dunne and Jeffrey Oram of CB Richard Ellis’ Tri-State Investment Team.
“We are very excited about this acquisition,” explains Michael DiFede, Director of Business Development and Acquisitions for Bergman Real Estate Group, “as this represents a great opportunity for us to enter a resurging Meadowlands office market with a property that has good upside potential for steady cash flow growth and long-term value appreciation as the office leasing market improves.” The building is presently 75% leased to multiple tenants, including Control Building Services, International Paper, Mayo-Lynch Associates, Springer-Verlag and St. Jude Medical SC.
333 Meadowland Parkway is conveniently located off Exit 15X, the new four-way interchange adjacent to the Secaucus Train Station. The building offers excellent access to a surrounding network of major highways, including the NJ Turnpike (I-95), Interstates 495 and 280, Routes 3, 17 and 1 & 9, and the Garden State Parkway. The property also benefits from access to public transportation, which comes right to the door via several bus routes, and the Secaucus Junction Train Station is less then one mile away providing an easy, efficient commute for tenants.
The property is part of the 980-acre mixed-use community known as Harmon Cove, which features corporate offices (such as Panasonic and WWOR TV) retail outlet shopping, waterfront condominiums, hotels, and industrial facilities. “We think this location offers an exceptional choice for companies without having to pay top Bergen County or Hudson Waterfront prices,” says Michael Bergman, Vice President and Principal of Bergman Real Estate Group. “The access to the areas major roadways and proximity to the entire New York Metropolitan area, including the Meadowlands Sports Complex & Xanadu (3 miles), Midtown Manhattan (5 miles via the Lincoln Tunnel), the Port of Newark/Elizabeth (6 miles), and Newark International Airport (10 miles), is simply unbeatable.”
Initially built by Hartz in 1981, 333 Meadowland Parkway has undergone several major upgrades and improvements in recent years. Since 2000, the property has seen capital improvements valued at more than $2 million, including renovation of the ground floor lobby and bathrooms, a complete overhaul of the existing HVAC system, a new roof and installation of a new, Alucobond composite metal panel façade, providing a brand new look to the building. The Bergman/Edison team have immediate plans to make further upgrades, including remodeling the common areas, new directory signage, artwork, planters and several exterior improvements. “As we do with all of our properties, we will bring this building up a notch to meet with our standards of ownership and management of quality office buildings,” adds Mr. Bergman.
Andy Gottesman, CEO of Edison Investment Advisors, sees solid value in this latest acquisition. “We select properties that offer competitive advantages to tenants, both in terms of the value provided and the location. The building at 333 Meadowland Parkway is ideal in all respects—from the physical attributes of the building and amenities offered such as on-site management, two on-site restaurants and a full service bank with drive-thru, to the beautiful views of the NYC skyline and the Meadowlands, all of which is complemented by the exceptional access to Manhattan and the surrounding suburbs, retail shopping, restaurants and hotels.”
333 Meadowland Parkway represents the second acquisition this year between these two family-owned companies. Bergman and Edison teamed up earlier this year with financial partner NDC Capital Partners to purchase 45 Eisenhower Drive in Paramus, a 175,000 square foot class A office building. “333 was one of the more challenging transactions we’ve done,” described Mr. DiFede, “as we only had 21 days to complete our due diligence and go firm on the deal. This forced us to close without securing typical acquisition financing, which we subsequently obtained from JP Morgan Chase.”
About Bergman Real Estate Group
Bergman Real Estate Group is a privately owned family business, located in Iselin, New Jersey, that has earned a solid reputation as a leader in the acquisition, ownership, management, leasing, and financing of commercial office properties throughout the New Jersey marketplace. Since its formation in 1988 by Jerome Bergman, and sons Steven and Michael, the company has successfully acquired over 25 commercial properties with a combined market value in excess of $300 million. Including its most recent purchase of 333 Meadowlands Parkway, Bergman’s current New Jersey office portfolio consists of 1.5 million square feet in 15 properties.
