New ownership plans for upgrades in centrally-located building
ROCHELLE PARK, N.J. April 7, 2020 – Bergman Real Estate Group, a full-service real estate company based in Iselin, New Jersey, announced the acquisition of 201 W. Passaic Street — Sherbrooke Office Center II, its second office property in Rochelle Park, New Jersey.
The 65,000-square-foot, four-story office building, situated on 3.57 acres, was built in 1987 by Nicholas Bovino, and later owned and managed by Ron Bovino. The broker on the transaction was John J. Johnson, president of Wellington Companies, a Montvale, New Jersey-based real estate advisory firm specializing in real estate development, brokerage and construction. Financing was provided by M&T Bank.
Located at the intersection of West Passaic Street and Roosevelt Avenue in Rochelle Park, the building is just down the road from 365 W. Passaic Street, which Bergman Real Estate Group acquired in 2018.
According to Michael Bergman, President and CEO Bergman Real Estate Group, the firm’s plans include building improvements and common area upgrades and renovations to the lobby, hallways and bathrooms.
“We remain committed to our tenants by investing back into the properties we acquire, and by routinely upgrading every asset to attract and retain the region’s top professionals and businesses,” Bergman said.
“We set out to identify and acquire properties that have tremendous potential due to their location and surroundings. The location of 201 W. Passaic is one of the best in Northern New Jersey,” Bergman said.
The building is easily accessible to virtually every major roadway including Routes 4, 17, 208, I-80, and the Garden State Parkway. A number of shopping malls, banks and prime hotels are nearby including the Ramada Inn, and Courtyard by Marriott. New York City via the George Washington Bridge and Lincoln Tunnel is just 15 minutes away.
“A proposed mixed-use residential community including parks and restaurants are planned for the Garden State Plaza which will attract new residents to the area who will want to work and shop all within walking distance of their homes,” Bergman said. “201 W. Passaic Street — Sherbrooke Office Center II will inevitably become tied in with the new development’s live/work lifestyle environment, and having such an attractive amenity nearby makes this office building an excellent location for any business looking to maintain a top workforce.”
201 W. Passaic Street — Sherbrooke Office Center II serves as headquarters to a number of respected, professional businesses such as law firms and accounting firms. At the time of the acquisition, 69.5% of the building was leased.
A total of 19,841 square feet of office space is currently available for lease. For leasing information, visit www.BergmanRealty.com.
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 30 years of history operating in New Jersey and other select markets, Bergman has earned a solid reputation as a reputable 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 properties, currently manages 19 office buildings comprising 2.25 million square feet.