Bergman buys $22m business center.

In its first foray into the southern New Jersey area, Bergman Real Estate Group, along with its investment partner, NDC Capital Partners, LLC, recently purchased Colwick Business Center in Cherry Hill, a three-building office park comprising 171, 000 s/f of single story office space.

Colwick is located at 53, 55, and 57 Haddonfield Road just off the Route 38 interchange by the Cherry Hill Mall and the Garden State Park redevelopment site.

The property was acquired from the joint venture between Praedium Group and Endurance Real Estate Group for approximately $22.35 million, with an acquisition loan provided by JP Morgan Chase Bank.

This marks the second transaction that Bergman has undertaken with NDC Capital Partners, the previous one being 45 Eisenhower Drive in Paramus, NJ.

Michael DiFede, director of business development and acquisitions for Bergman Real Estate Group, said, "We see this acquisition as a natural evolution of our expansion within the New Jersey office market, as all of our other buildings are in the Northern and Central part of the state."

Bergman currently owns and/or manages in excess of 1.5 million square feet in 17 properties, including two buildings in New York.

"We felt Colwick Business Center provided an excellent investment opportunity to acquire a well-occupied (80%), quality suburban office complex with a remarkable combination of stable cash flow, creditworthy tenants, staggered lease rollover, and an exceptional location in one of Southern New Jersey's most desirable business and residential neighborhoods," added DiFede.

Bergman Real Estate Group is a privately owned family business, located in Iselin, New Jersey. It owns 26 commercial properties with a combined market worth over $300 million.

Michael Bergman, president and CEO of Bergman Real Estate Group, said, "The previous ownership maintained Colwick extraordinarily well.".