NEW YORK—New York-based Time Equities Inc. and New Jersey-based Bergman Real Estate Group have acquired 155 Passaic Avenue, a four-story office building in Fairfield, N.J. for $5.6 million.
Originally acquired by Bergman Real Estate Group in 2001, the 88,000-sq.-ft. building will be refinanced as part of a plan to reposition the property with the financial backing of Time Equities.
Prior to the closing, 155 Passaic Street was 57 percent occupied, but because of a pre-leasing effort during negotiations, occupancy was brought up to 82 percent. New tenants at the building include healthcare marketing firm Daniella Koren Inc., mortgage company Mortgage Master Inc. and public accounting firm Weinberg Lieberman & Co., among others.
Situated on nearly four acres, 155 Passaic Avenue is comprised of four stories and includes an atrium, on-site building management and renovated common areas. Located nearby is the Essex County Airport, as well as access to Interstate 80 and Routes 23 and 46.
The purchase of 155 Passaic Avenue is the second transaction the two companies have partnered on within the last several months. In April, Time Equities Inc. and Bergman formed a joint venture to purchase the loan for 51 Haddonfield Road, a 100,000-sq.-ft. office building in Cherry Hill, N.J.