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Bergman Real Estate Group based in Woodbridge said Jan. 8 it acquired 500 College Road East in Princeton.

The 160,000-square-foot, four-story office building is part of the prestigious Princeton Forrestal Center, a 2,200 acre master-planned, mixed-use development community located at the interchange of U.S. Route 1 and College Road, within minutes of Princeton University and downtown Princeton.

The acquisition is a joint venture between Bergman, Hornig Capital Partners, and Eightfold Capital. The partnership acquired the building from Mack-Cali, making this Bergman’s third acquisition from the commercial REIT.

Acquisition financing provided by Amherst Capital Management, led by Gabe Boyar, managing director, was arranged by JLL’s New Jersey Capital Markets team of Michael Klein, Greg Nalbandian, Michael Lachs and Biagio Caruso.

“500 College Road East is Bergman and Hornig’s first acquisition in the greater Princeton area,” said Michael Bergman, president and CEO, Bergman Real Estate Group. “Situated in the heart of the Princeton Forrestal Center surrounded by prestigious companies, and institutes of higher learning,research and development, makes this an attractive location for businesses looking to establish offices in the central Princeton market.”

Princeton Forrestal Center is home to more than 175 businesses and numerous mixed-uses including academic, research, office, residential, hotels, conference centers, retail and dining facilities, as well as 700 acres of preserved open space.

Bergman has tapped real estate brokerage firm JLL as exclusive leasing agent for the property, led by the local Princeton team of Vinny DiMeglio and Erin Moran. There is currently 76,000 square feet available in the building ranging from smaller units of 1,500 SF to a full floor of 41,000 SF.

Plans are underway for a $4 million capital improvement program, including improvements to redesign the central, 4-story atrium lobby and the exterior entrance to the building.  Other improvements include upgrading the building’s mechanical system with new, energy-efficient HVAC equipment.

Bergman has contracted Ware Malcomb to design and develop renovation plans, which are currently underway.