TEI and Bergman acquires 88,000 s/f for $5.6 million

Time Equities, Inc. (TEI) in a joint venture with Bergman Real Estate Group recently acquired 155 Passaic Ave., a four-story office building for $5.6 million. Originally acquired by Bergman in 2001, the 88,000 s/f building will be refinanced as part of a strategic plan to reposition the property with the strong financial backing of TEI. This is the second transaction the two companies have partnered on within the last three months. In April, TEI and Bergman formed a joint venture to purchase the loan for 51 Haddonfield Rd., a 100,000 s/f office building in Cherry Hill. "After working closely with Bergman on the acquisition of 51 Haddonfield, we are confident that 155 Passaic Ave. will provide another excellent investment opportunity," said Aaron Medeiros, director of acquisitions at TEI. "Within the last year, occupancy has continued to rise at 155 Passaic, and by restructuring the note, we will be able to offer more aggressive lease rates and further build on the leasing momentum already established." Prior to the closing, 155 Passaic St. was 57% occupied but due to a pre-leasing effort during negotiations on the deal, occupancy was brought up to 82%. New tenants at the building include healthcare marketing firm Daniella Koren, Inc., mortgage company Mortgage Master, Inc., public accounting firm Weinberg Lieberman & Co., and law firm Castano Quigley LLC. As part of TEI's Art in Buildings program, TEI will create a rotating art gallery of work by local and national artists in the lobby. "We are excited to expand our relationship with Time Equities," said Michael Bergman, president and CEO for Bergman Real Estate Group. "In both transactions, the partnership with TEI has enabled us to recapitalize and restructure these assets and positions us strongly to continue executing on our lease-up strategy." Situated on four acres, 155 Passaic Ave. is a headquarters-quality building that features a four-story, sky-lit atrium, on-site building management, and renovated common areas. Tenants enjoy the convenience of being located adjacent to Essex County Airport and in close proximity to Interstate 80 and Routes 23 and 46. The property is accessible to a wide range of amenities including hotels, restaurants, shops, several parks and country clubs. To learn more about leasing opportunities at 155 Passaic Avenue, contact John Osborne, Bergman's executive director of leasing and marketing, at 732-855-8600, ext. 115. About Time Equities, Inc. Founded in 1966, privately-held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years. With properties in 26 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 23.4 million square feet of residential, industrial, office and retail property.