Page 10 - RENJ Sept.21

8 SEPTEMBER 2021
BERGMAN ACQUIRES 237,000 SQ. FT.
GIRALDA FARMS OFFICE BUILDING
well as smaller to medium tenants, making this one of the first true multi- tenanted buildings within the Giralda Farms campus.”
Attorneys Mitchell Berkey and Joseph Zawila of Chiesa Shahinian and Giantomasi PC represented Bergman in the acquisition from Mack-Cali Realty Corp., which announced separately that it had sold the building for $29 million. Scott Goldberg of Shem Creek Capital provided financing, which was arranged by JLL’s New Jersey capital markets team of Michael Klein, Greg Nalbandian and Gerald Quinn.
Developed in 2000, 7 Giralda Farms
is one of seven office buildings within a 1.15 million-square-foot, 310-acre campus, which is set on the former Geraldine Rockefeller Dodge Estate. Conceived and originally developed in the early 1990s by Prudential Financial, Giralda Farms is viewed as a high-end suburban office location that has also been home to the likes of Merck & Co., Pfizer and Atlantic Health System.
Bergman’s plans for the property include upgrading the lobbies, restrooms, café and fitness center, as well as the addition of new amenities, according to a news release. Those spaces will include an executive lounge
with comfortable seating, collaboration and entertainment areas, a high-end conference and training center, co- working offices, hospitality-style outdoor seating areas and outdoor recreational offerings such as a bike share program.
The firm is planning the improvements in hopes of capitalizing on 7 Giralda’s location along Madison Avenue, some 1.5 miles from downtown Madison and three miles from downtown Morristown. The site also provides easy access to two train stations and a host of restaurants, retailers and hotels.
“As the office market continues to improve with
companies and
their employees
Bergman Real Estate Group has added to its suburban office holdings in the state, acquiring a piece of the well-known Giralda Farms corporate campus in Madison.
The Woodbridge-based firm said it’s now planning a $3.6 million upgrade at the building, 7 Giralda Farms, after completing the deal as part of a joint venture with Eightfold Capital. The investment team will look to begin those improvements at the
236,800-square-foot building as it markets spaces ranging from 4,000 to 80,000 square feet.
“We are very excited about this newest addition to our portfolio,” said Michael Bergman, CEO and president of Bergman Real Estate Group. “7 Giralda is a quality asset situated in one of
the most beautiful office settings you will find in all of New Jersey. What we really like are the flexible floor plates that can accommodate large users as
7 Giralda Farms in Madison
returning to
the workplace,
we believe 7
Giralda Farms
offers one of the
best amenity-
rich, scenic
office environments in all of New Jersey,” Bergman said. “7 Giralda truly exemplifies the best of quality for corporations looking for the ideal work-play balance for the health and well-being of their employees.”
Michael Bergman
NEW OPERATOR COMING TO FORMER KINGS STORE IN MAPLEWOOD
A new grocery store is set to open inside a former Kings Food Markets location in Maplewood, following
a transaction arranged by Midtown Commercial Realty.
According to the brokerage team, the new tenant at 159 Maplewood Ave. will operate under the Greenway Supermarkets banner. The deal has backfilled the space after Kings closed its doors last year, following some 80 years in the community.
“As a business owner and resident of Maplewood, I am pleased that
we have a gourmet supermarket to replace Kings,” Midtown Principal Carlo Caparruva said. “This building has had a supermarket in it for
nearly 100 years and not having
a supermarket in this location was not good for the community. We are excited for Greenway’s grand opening, which will happen sometime by the end of the year.”
News of the deal came less than two weeks after Midtown announced that an investor had purchased the property, paying more than $200 per square foot as part of a Section 1031 like-kind exchange. The seller was an institutional owner.
“We are really pleased how this transaction worked out,” Caparruva said. “It opens the doors for a
new supermarket to serve the community.” RE
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Courtesy: Bergman Real Estate Group