New Company Buys 60,000-SF Office Complex

WARREN, NJ-Claremont Properties has sold its recently completed Warren Corporate Center, a 60,000-sf class A office complex here. The buyer was Accordia Realty Ventures LLC in partnership with Meritage/Oppenheimer Real Estate Value Partners I LP, an affiliate of the Scarsdale, NY-based Meritage Properties.

For Accordia, the deal marks the company’s first acquisition since it was formed earlier this year. Claremont was represented by Peter Rasmussen of Grubb & Ellis; the sale price was not disclosed.

“The existing leases and current activity at Warren Corporate Center provides upside potential,” says Jason Bogart, a partner of the West Orange, NJ-based Accordia. Adds Joseph Romano, also a partner, “this is an important acquisition for us.”

Completed earlier this year by Claremont, the three-building complex at 34 Mountain Blvd. is currently 75% leased. The anchor tenant is healthcare provider Summit Medical Group, which moved its operations from nearby Watchung, NJ into the complex in March.