NEW PROVIDENCE, NJ—Bergman Real Estate Group has sold 121 Chanlon Road in New Providence. Cushman & Wakefield's Metropolitan Area Capital Markets Group arranged the property's sale to a private entity that was not identified.
Situated on 6.5 acres within the Murray Hill section of New Providence, the 112,260-square-foot, four-story building initially was constructed for a single user. Bergman acquired the property in October 2014, repositioned it as a multi-tenant asset, and today it is 85 percent leased to a diverse group of companies in publishing, technology and healthcare, among others.
“Bergman successfully transitioned 121 Chanlon Road into a niche asset for the immediate market,” says David Bernhaut, who led the assignment with Cushman & Wakefield colleagues 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,” says 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 says.
“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.”
Correction, 6/13/2016: An earlier version of this story misspelled the name of the property seller in the headline. It is Bergman Real Estate Group, not Berman. To preserve hyperlinking of news alerts, the spelling of the firm in the URL of this page has not been corrected.
NEW PROVIDENCE, NJ—Bergman Real Estate Group has sold 121 Chanlon Road in New Providence. Cushman & Wakefield's Metropolitan Area Capital Markets Group arranged the property's sale to a private entity that was not identified.
Situated on 6.5 acres within the Murray Hill section of New Providence, the 112,260-square-foot, four-story building initially was constructed for a single user. Bergman acquired the property in October 2014, repositioned it as a multi-tenant asset, and today it is 85 percent leased to a diverse group of companies in publishing, technology and healthcare, among others.
“Bergman successfully transitioned 121 Chanlon Road into a niche asset for the immediate market,” says David Bernhaut, who led the assignment with Cushman & Wakefield colleagues 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,” says 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 says.
“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.”
Correction, 6/13/2016: An earlier version of this story misspelled the name of the property seller in the headline. It is Bergman Real Estate Group, not Berman. To preserve hyperlinking of news alerts, the spelling of the firm in the URL of this page has not been corrected.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.