Cushman & Wakefield Brokers Sale of Montvale, N.J., Office Asset
Investor/Occupier JD Companies to Move HQ to 102 Chestnut Ridge Road.
- Bergen-Passaic, NJ (1888PressRelease) June 21, 2014 - In a sale orchestrated by Cushman & Wakefield's Metropolitan Area Capital Markets Group, 102 Chestnut Ridge Road in Montvale has traded from an institutional seller to JD Companies, a well-known Bergen County commercial and residential real estate developer and operator. The firm will relocate its headquarters to the property from nearby Saddle River.
The two-story, 50,000-square-foot office building sits on nearly five acres at the intersection of Chestnut Ridge Road and Grand Ave. The property is 76 percent 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," noted Cushman & Wakefield's Gary Gabriel, who headed the transaction with team members Andrew Merin, David Bernhaut, and Brian Whitmer. "We have known the D'Agostino family for years, and it came as little surprise that their professionalism as a buyer made this transaction seamless."
Gabriel noted that 102 Chestnut Ridge Road drew significant investor interest. "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 Energy Star-labeled property was constructed in 1980, and renovated in 2000 and 2004. It is located less than one-half mile from the Garden State Parkway, proximate to I-287/87 and Route 17, along with abundant retail, dining and lodging.
Based in East Rutherford, New Jersey, Cushman & Wakefield's Metropolitan Area Capital Markets Group 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.
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