Acquisition of Office Property is Third Joint Venture Between Companies
A joint venture of Bergman Real Estate Group and Gottesman Real Estate Partners announced the purchase of Aspen Corporate Park, a 91,700-square-foot, two-building office park in Woodbridge, N.J.
The acquisition is the third joint venture between the companies, which also own a 175,000-square-foot office building in Paramus (45 Eisenhower Drive) and a 138,000-square-foot office building in Secaucus (333 Meadowlands Parkway).
"Since early last year, we've been looking to expand our relationship with Gottesman, who is a strong capital partner as well as a savvy and knowledgeable investor," stated Michael Bergman, president and CEO for Bergman Real Estate Group, which is based in Woodbridge. "Due in large part to our comfort and familiarity with the Woodbridge office submarket, we felt this was the ideal opportunity to partner up once again. Well capitalized and experienced, this is a partnership that is in an excellent position to help bring Aspen Corporate Park to full occupancy."
Andrew Merin, Gary Gabriel, David Barnhart and Jared Zimmel of Cushman & Wakefield's Capital Markets Group represented both the buyer and the seller, a partnership of Ivy Equities and Meritage Properties.
"We feel that now is an opportune time to make acquisitions, and we are pleased to once again partner with Bergman Real Estate Group," stated Andy Gottesman, CEO of Gottesman Real Estate Partners. "In the past, we've had great success working closely with Bergman's in-house leasing and property management groups, and we're confident their hands-on team will do an outstanding job leasing and managing the property's remaining available space."
Located at 1460 and 1480 Route 9 North, opposite the Woodbridge Center Mall, Aspen Corporate Park is centrally situated at the crossroads of the New Jersey Turnpike, Garden State Parkway, I-287 and U.S Route 1 and 9. Numerous shopping centers, restaurants, banks, hotels and conference facilities are within immediate accessibility.
Both buildings feature recently renovated lobbies and common areas, on-site building manager, covered parking and 24-hour security access systems. Additionally, Bergman/Gottesman plan to embark on an extensive capital improvement campaign to upgrade other areas of the property, including the elevators, parking lot, and potentially a new on-site caf.
"While the prior ownership did a nice job managing the property, we will bring a more local, hands-on approach," explains John Osborne, Bergman's executive director of leasing. "We are confident that this will be a successful long-term acquisition for our JV. By purchasing this building with all cash at an attractive price, we have no existing mortgage, which will allow us to be flexible when it comes to making new leases with prospective tenants.
Aspen Corporate Park offers small, flexible floor plates that range from 1,738 to 8,430 square feet and are available for immediate lease. Many of the spaces are pre-built and move-in ready for tenants.
"We foresee this purchase as the beginning of a series of new acquisitions that our two companies will make together as we start to see more opportunities come to the forefront," Gottesman said. "For a number of years, there was a significant disconnect in pricing between buyers and sellers, but we feel that time has passed. Now, we're actively looking to acquire value added suburban office properties that are well located in what we perceive to be New Jersey's stronger submarkets."
To learn more about leasing opportunities at Aspen Corporate Park, contact John Osborne at 732-855-8600, ext. 115, or Kelly Ziegenfuss at 732-855-8600, ext. 109.
About Bergman Real Estate Group
Bergman Real Estate Group is a privately owned real estate investment and management firm that specializes in the acquisition, management, leasing and construction of commercial office properties throughout New Jersey. Since its formation in 1988, Bergman Real Estate Group has earned a solid reputation as a leader in the New Jersey commercial office market with a current portfolio consisting of 19 office buildings comprising 1,800,000 square feet, including several New Jersey properties where Bergman provides third party leasing services to private owners. Bergman also owns two additional office buildings in Columbus, Ohio totaling 240,000 square feet. The company continues to actively pursue value-added investment opportunities in the marketplace.
About Gottesman Real Estate Partners
Gottesman Real Estate Partners focuses on commercial properties, particularly office buildings, in and around New York City. Its flagship holding is The Hippodrome Building at 1120 Avenue of the Americas in Manhattan, which includes 750,000 square feet of corporate office, suite, retail and parking space. The family-owned enterprise also controls assets in Secaucus, Princeton and Sea Girt, N.J., among other locales. Gottesman Real Estate's long-term strategy allows the firm to properly manage its portfolio with both its tenants and partners in mind.