MONTVALE, NJ–JD Companies, the Bergen County real estate developer and operator, has acquired a 50,000-square-foot office building here for its new headquarters. The firm will relocate from Saddle River.
The deal was arranged by Cushman & Wakefield's Metropolitan Area Capital Markets Group for an undisclosed sales price. Brokers said it is emblematic of increasing investor interest in “non-core” office buildings in northern New Jersey.
The two-story building sits on a five-acre plot at the intersection of Chestnut Ridge Road and Grand Avenue here. It is currently 76% occupied by Community Blood Services and NJ Lenders Corporation under long-term leases.
“This offering provided an attractive opportunity for an investor/user purchaser like JD Companies,” said C&W's Gary Gabriel, who led the transaction team that includes Andrew Merin, David Bernhaut, and Brian Whitmer. “We have known the D'Agostino family (owners of JD Companies) for years, and it came as little surprise that their professionalism as a buyer made this transaction seamless.”
The offering of 102 Chestnut Ridge Road by an institutional seller drew significant investor interest, according to Gabriel.
“We are seeing increased activity for non-core office properties of all sizes in the Northern New Jersey market,” he said. “Within this context, 102 Chestnut Ridge Road occupies a great position in the prestigious Route 17/Garden State Parkway North submarket, which is home to numerous corporate facilities and blue-chip firms.”
The building opened in 1980 and was renovated in 2000 and 2004. It is located less than one-half mile from the Garden State Parkway, close to I-287/87 and Route 17.
The C&W capital markets group, based in East Rutherford, specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut, Pennsylvania, and Delaware. The team has completed more than $17 billion worth of transactions since 2000, closing on $1.5 billion in 2013.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
