Bergman takes retail as part of acquisition expansion program.Michael Bergman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bergman Real Estate Group, announced the expansion of its Acquisition Program into the retail property market in New Jersey. With an interest in acquiring, managing and leasing neighborhood strip centers and larger, anchored shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into properties, Bergman is augmenting its core office building portfolio of over 1.6 million square feet in an effort to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. its business. "Over the past 19 years, we steadily built a top-notch management and leasing organization to operate our office properties. Acquiring and managing retail properties is a natural expansion for our firm," explains Mr. Bergman. Bergman Real Estate Group is no newcomer to the retail market. Jerome Bergman, Chairman and founder of the company, managed and operated over 2 million square feet of retail properties located in eight states throughout the Northeast and Midwest in the 1970's and 80's. Although the company's primary focus has been the acquisition and management of suburban office buildings in New Jersey, Bergman believes the time is right to diversify its holdings into the retail sector as the firm embarks on its 20th year in business. "While we appreciate the competitiveness of both the office and retail property markets in New Jersey, the time is right to diversify our business in a variety of directions, one of which is into the highly developed strip center market in New Jersey" comments Michael Bergman. "Consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. , while cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. , continues to drive the need for active retail businesses in our densely populated pop·u·late tr.v. pop·u·lat·ed, pop·u·lat·ing, pop·u·lates 1. To supply with inhabitants, as by colonization; people. 2. state. We believe there is still room for growth and selective development of the retail properties throughout New Jersey." Spearheading the new effort will be Jesse Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , former franchise owner of Stratis Business Centers, an Executive Suite Company affiliated with The Regus Group, PLC in the UK. Mr. Cohen will be a consultant to Bergman and will work directly with Michael DiFede, Director of Acquisitions at Bergman Real Estate Group. Mr. DiFede has been instrumental in expanding the firms' office property holdings over the past six years. "We have developed excellent relationships with our financial partners in office building acquisitions, and these partners are keen to expand and diversify. It's our job to find them product in the retail market", says DiFede. |
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