JV ACQUIRES FOUR-STORY OFFICE PROPERTY IN FAIRFIELD

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FAIRFIELD, N.J. — A joint venture between Time Equities and Bergman Real Estate Group has acquired 155 Passaic Ave., a four-story office building in in Fairfield, for $5.6 million. Originally acquired by Bergman Real Estate in 2001, the 88,000-square-foot building will be refinanced as part of a strategic plan to reposition the property with the financial backing of Time Equities. Prior to closing, 155 Passaic Ave. was 57 percent occupied, but due to pre-leasing efforts during negotiations, occupancy has risen to 82 percent. New tenants in the building include Daniella Koren, a healthcare marketing firm and Mortgage Master, a mortgage company.

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