"The key to the transaction was our ability to close quickly," Joseph R. Romano, a principal of the Fairfield-based Accordia, tells GlobeSt.com. "The entire transaction took 40 days from the initial conversation to closing of title. And we were able to buy the property all-cash, without any financing contingencies," says Romano, who declined to disclose the sale price.
The sale was an off-market deal, "that began with a conversation," Romano says. GVA Williams NJ was an advisor to the transaction, and retains the exclusive leasing assignment it had held under the previous ownership. Built in 1988 by General Motors to house its regional offices, the asset was 100% leased at the time of sale, however, with GM and its affiliates remaining on-site as the major tenant.
Accordia has some minor upgrades in mind for its latest acquisition, but nothing major for the time being. "The building is in good shape, and we will just do some minor work and focus on tenant retention," Romano tells GlobeSt.com.
Located near an interchange of Route 10 and I-287, the building is adjacent to the 600-acre Mack-Cali Business Campus in this Morris County community. "We have great corporate neighbors," Romano says. "It's also near the Parsippany Hilton, so it has great amenities."
Accordia Realty Ventures was formed in 2005 by principals Romano and Jason Bogart. The acquisition of 9 Sylvan Way pushes the company's acquisitions to nearly 600,000 sf of commercial office space in that time.
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