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.”
