Mass Transit-Served, Amenity Rich Locale Draws Healthy Bidding Activity
The opportunity to acquire a Class A office asset in the heart of a mass transit-served, amenitized community drew strong investor interest for the offering of 121 Chanlon Road in New Providence, according to Cushman & Wakefield. The commercial real estate services firm’s Metropolitan Area Capital Markets Group this month arranged the property’s sale from Bergman Real Estate Group to a private entity.
Situated on 6.5 acres within the prestigious Murray Hill section of New Providence, the 112,260-square-foot, four-story building initially was constructed for a single user. Bergman Real Estate Group acquired the property in October 2014 and repositioned it as a multi-tenant asset, and today it is 85 percent leased to a diversified group of companies in industries including publishing, technology and healthcare, among others.
“Bergman successfully transitioned 121 Chanlon Road into a niche asset for the immediate market,” said David Bernhaut, who led the assignment with Metropolitan Area Capital Markets group team members Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso.
“Tenants benefit from immediate access to the NJ Transit rail line and a wealth of neighborhood amenities, including the newly renovated Shoppes at New Providence,” said Schwartz. “Additionally, the property has an unmatched curb appeal that is further enhanced by its classic architectural features.”
121 Chanlon Road attracted healthy bidding activity, according to DiTommaso. “Potential buyers were impressed with the quality of the building’s tenants and the opportunity to add value by leasing the remaining available space,” he noted. “The property’s location and accessibility were major selling points as well. New Providence sits in the heart of New Jersey’s ‘Wealth Belt,’ placing it within a 15-minute drive to some of New Jersey’s most desirable towns.”
Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $21.7 billion worth of transactions since 2000, closing on $2.0 billion in 2015.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Bergman Real Estate Group
Founded in 1988, Bergman Real Estate Group is a privately owned, full-service real estate investment and management company. 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 17 office buildings comprising 1.8 million square feet. For more information, visitwww.bergmanrealty.com.
