10B — June 13 - 26, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N orthern N ew J ersey
Two medical tenants sign leases totaling 7,996 s/f Accordia Realty Ventures adds two tenants at 305 W. Grand Ave. in Montvale, NJ M ONTVALE, NJ — Following a recent reposition of 305
W. Grand Ave. in Montvale, Accordia Realty Ventures (Accordia) has signed two new leases with medical tenants. Bergen Gastroen- terology P.C. has taken 5,723 s/f while Hackensack UMC at Pascack Valley Hospital signed on for 2,273 s/f. “These new leases are a testament to the building’s rising reputation as the pre- mier medical office location in Northern New Jersey,” said Accordia’s director of
305 W. Grand Ave.
marketing Sarah Loudon . Accordia acquired the sin- gle-story office building in 2009. With its easy acces- sibility and unique layout, the firm immediately signed a new medical tenant, Mont- vale Health Associates, for 7,500 s/f thus bringing oc- cupancy to 100%. Accordia then embarked on a capital improvement campaign that would reposition the property from office to medical use. The Fairfield-based owner upgraded the HVAC system, replaced the roof and added more parking, bringing the parking ratio to five cars per 1,000 s/f – a rarity in north- ern Bergen County. As the first wave of office users began vacating the building earlier this year, Ac- cordia immediately backfilled with targeted users in the medical community. Said principal Jason Bo- gart , “Now that the physi- cal transition from office to medical is complete we are witnessing the subsequent transition of our tenant base. It’s truly a vindication of our vision for the property and overall business plan.” Today, 305 West Grand Ave. is a 27,000 s/f medical office building located at Exit 172 – directly off the Garden State Parkway in Bergen County. In addition to high visibility and easy access, the property offers unsurpassed convenience for medical pa- tients and other building visitors. In 2013, Accordia Realty Ventures closed more than 100,000 s/f of new leases at its properties which are locat- ed throughout the Northern New Jersey and Metro New York area. n
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Meridian Capital Group, LLC proudly advised on financing for the following transaction: Towers at Wyncote 1,095-Unit Multifamily Property Wyncote, PA $92,260,000 Acquisition Financing
This transaction was negotiated by: David Fisher, Senior Vice President 517 Route 1 South, Suite 4000 Iselin, NJ 08830 | 732 301 3200 | www.meridiancapital.com
MAREJ - $92.3MM - Towers at Wyncote - D. Fisher - 6-13-14.indd 1
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