Bergman JV closes on Princeton office acquisition

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Bergman Real Estate Group has acquired the 160,000 s/f office
building at 500 College Road East in Princeton, NJ, in a joint venture with Hornig
Capital Partners and Eightfold Capital.

The  four-story building
is part of the Princeton Forrestal Center, a 2,200-acre master-planned, mixed
use development community near Princeton University and downtown Princeton.

The partnership acquired the building from Mack-Cali, making
this Bergman’s third acquisition from the commercial REIT.

$14.138 million in acquisition financing was provided by
Amherst Capital Management in a deal arranged by JLL’s New Jersey Capital
Markets team of Michael Klein, Greg Nalbandian, Michael Lachs and Biagio
Caruso.

“500 College Road East is Bergman and Hornig’s first
acquisition in the greater Princeton area,” said Michael Bergman, President and
CEO, Bergman Real Estate Group. “Situated in the heart of the Princeton
Forrestal Center surrounded by prestigious companies and institutes of higher
learning, research and development, makes this an attractive location for
businesses looking to establish offices in the central Princeton market.”

Princeton Forrestal Center is home to more than 175
businesses and numerous mixed-uses including academic, research, office,
residential, hotels, conference centers, retail and dining facilities, as well
as 700 acres of preserved open space.

Bergman has tapped JLL as exclusive leasing agent for the
property, led by the local Princeton team of Vinny DiMeglio and Erin Moran.
There is currently 76,000 s/f available in the building.

Plans are underway for a $4 million capital improvement
program, including improvements to redesign the central, four-story atrium
lobby and the exterior entrance to the building.

Bergman has contracted Ware Malcomb to design and develop
renovation plans, which are currently underway.

“Our client acquired this asset at a very attractive basis
in the desirable Princeton submarket,” Nalbandian said. “There was considerable
lender interest for this value-add financing demonstrating there is still
strong liquidity for well-capitalized sponsors with sound business plans.”

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