EAST HANOVER, N.J. (September 25, 2014) – Bergman Real Estate Group, a full-service real estate company of 25 years that owns and manages office properties throughout New Jersey, today announced the acquisition of 100 Eagle Rock Avenue, a 90,000-square-foot office property located in East Hanover, New Jersey, in a joint venture with a vehicle managed by Rialto Capital Management, LLC, a wholly owned subsidiary of Lennar Corporation.
Bergman Real Estate Group was represented by Michael DiFede, Director of Acquisitions, along with Michael J. Brody, Principal of Garden State Office Properties in the acquisition. Gary Gabriel and Kyle Schmidt of Cushman and Wakefield represented the seller, TA Associates, in the transaction.
“This offering provided an excellent opportunity to capitalize on the timing in the market and acquire a well-maintained, Class A office property strategically located with easy access to major highways and within close proximity to area amenities,” said Mr. DiFede.
The property is home to a roster of credit-worthy tenants including Friedman, LLP, a major regional accounting firm, and Burns & McDonnell, a worldwide engineering firm and Hartford Fire Insurance Company. Strategically located near the Eisenhower Parkway at Exit 4 of I-280, the property offers convenient access to I-287, I-80, US Highway 46, and Routes 10, 24 and 202. The property offers convenient access to restaurants, banking and retail stores, including The Livingston Mall and The Mall at Short Hills. Additionally, there are over 10 hotels within a five-mile radius and several country clubs including Mountain Ridge, Green Brook, and Montclair Golf Club.
The property is in a desirable business location in a submarket with strengthening real estate fundamentals. “This represents the first acquisition of our newly formed affiliate, Garden State Office Properties (GSOP), a partnership between Bergman Real Estate Group and Michael J. Brody. This is an ideal example of GSOP’s strategy in acquiring New Jersey office and other select commercial properties that offer significant upside and leveraging our expertise to maximize value for the asset,” added Michael Bergman, President of Bergman Real Estate Group.
About Bergman Real Estate Group
Founded in 1988, Bergman Real Estate Group is a privately owned, full-service real estate investment and management company. With more than 25 years of history operating in New Jersey and other select markets, Bergman has earned a solid reputation as a reputable and trustworthy owner/manager. The company’s fully integrated platform includes acquisition, ownership, asset and property management, leasing and construction supervision. Bergman, which has built its success on acquiring and successfully repositioning underperforming, “value-add” properties in prime locations, currently manages 19 office buildings comprising 1.8 million square feet. For more information, visit www.bergmanrealty.com.
About Rialto Capital Management, LLC
Rialto Capital Management, a wholly owned subsidiary of Lennar Corporation, is a vertically-integrated real estate investment management company focused on distressed and value-add investments and asset management workouts, and turnaround strategies. Rialto was formed in 2007 and since its inception has participated in the investment of billions of dollars in distressed assets and commercial mortgage backed securities (“CMBS”). Rialto is headquartered in Miami, Florida with offices across the United States. www.rialtocapital.com