Mid Atlantic Real Estate Journal — New Jersey — December 6 - 19, 2013 — 11B
www.marejournal.com
N orthern N ew J ersey
AIRFIELD, NJ — Ac- cordia Realty Ven- tures , a real estate in- Including recapitalizing theWarrenOfficeCenter, a58,171 s/f classAofficeproperty Accordia Realty Ventures closes on two transactions in Northern New Jersey F
ing up a 2004 vintage fund. We are thrilled to partner with Accordia and the opportunity fits well with our investment strategy to target overlooked, quality properties in second- ary markets where we can deliver outsized risk-adjusted returns to our investors,” said Ten Capital partner David Smith . In the second recently com- pleted transaction, Accor- dia acquired Godwin Plaza located at 644-658 Godwin Ave. in Midland Park from a private owner. The 22,000 s/f retail property also fea-
tures an office and residential component. Accordia plans to upgrade Godwin Plaza and improve the tenant mix while expanding the residential por- tion of the property. Located in the heart of Ber- gen County, Accordia’s Princi- pal Jason Bogart said the deal was difficult to pass up. “Real estate has always been about location, location, location and this property is in a great setting. With a little attention we believe Godwin Plaza can quickly regain its position in the market and attract na- tional retailers.” n
vestment and development company based in Fairfield has closed on two transactions in Northern New Jersey. In the first transaction, Ac- cordia recapitalized the War- ren Office Center, a 58,171 s/f class A office property located at 34 Mountain Blvd. in down- town Warren. Ten Capital Management partnered with Accordia on the transaction and stepped in to replace the original joint venture partner. “The deal is a testament to our long-term outlook and vi- ability of the property,” said Accordia principal Joe Ro- mano . “The sale and recapi- talization met the logistical needs of our former partner and bolsters the relationship with our new partner, Ten Capital.” Located in Warren, the pre- mier office destination in Northern New Jersey, Warren Office Center is a three build- ing complex featuring colonial style architecture, flexible floor plates and operable win- dows. Notable tenants include Summit Medical Group, JAG Physical Therapy and Phoenix Marketing. The property is 100% leased. “We were able to negotiate a direct deal with the original capital partner who was wind- PARSIPPANY, NJ — Prism Capital Partners’ 399 Jefferson Rd. in Parsip- pany is now officially 100% occupied with the completed headquarters relocation of Biomet Spine & Bone Heal- ing Technologies. The recently completed move-in caps a three-phase project that began when the medical device and implant manufacturer signed a lease for 102,000 s/f a year ago. “This was a highly technical build-out with a compressed timeframe, and it included a 28,000 s/f addition to the building,” said Eugene Diaz , principal and partner of the Bloomfield based Prism. “We began work and completed the first phase without even having a signed lease. n Biomet completes HQs move - i n a t Prism’s399Jefferson Rd. in Parsippany
34 Mountain Blvd. in downtown Warren
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