10B — June 13 - 26, 2014 — New Jersey — M id A tlantic

Real Estate Journal


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

Relationship Driven. Execution Focused. Only Meridian Capital Group’s powerful financing relationships can consistently achieve the unparalleled results our clients require.

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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