FRANKLIN TOWNSHIP, N.J. (April 18) – 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.