MONTVALE, NJ–JD Companies, the Bergen Countyreal estate developer and operator, has acquireda 50,000-square-foot office building here for its newheadquarters. The firm will relocate from Saddle River.

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The deal was arranged by Cushman & Wakefield'sMetropolitan Area Capital Markets Group for an undisclosedsales price. Brokers said it is emblematic of increasing investorinterest in “non-core” office buildings in northern New Jersey.

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The two-story building sits on a five-acre plot at theintersection of Chestnut Ridge Road and Grand Avenue here. It iscurrently 76% occupied by Community Blood Services and NJ LendersCorporation under long-term leases.

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“This offering provided an attractive opportunity for aninvestor/user purchaser like JD Companies,” said C&W'sGary Gabriel, who led the transaction team thatincludes Andrew Merin, DavidBernhaut, and Brian Whitmer. “We haveknown the D'Agostino family (owners of JD Companies) for years, andit came as little surprise that their professionalism as a buyermade this transaction seamless.”

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The offering of 102 Chestnut Ridge Road by an institutionalseller drew significant investor interest, according toGabriel.

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“We are seeing increased activity for non-core office propertiesof all sizes in the Northern New Jersey market,” he said. “Withinthis context, 102 Chestnut Ridge Road occupies a great position inthe prestigious Route 17/Garden State Parkway North submarket,which is home to numerous corporate facilities and blue-chipfirms.”

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The building opened in 1980 and was renovated in 2000 and 2004.It is located less than one-half mile from the Garden StateParkway, close to I-287/87 and Route 17.

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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 teamhas completed more than $17 billion worth of transactions since2000, closing on $1.5 billion in 2013.

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