Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MONTVALE, NJ-Marcus & Millichap Real Estate Investment Services has brokered the sale of 305 W. Grand Ave., a 27,162-square-foot office here for just over $4.6 million. The sale represents a price of $171 per square foot.

Jeffrey Oram, a director in the Elmwood Park office of Marcus & Millichap’s National Office and Industrial Properties Group, represented the seller, Cogrand LLC, an entity controlled by Hackensack-based Cofinance Inc. Oram also represented the buyer, ARV at Montvale Grand, which is controlled by Accordia Realty Ventures of Fairfield.

The class A, multi-tenant property is located in the borough of Montvale in Bergen County on 3.14 acres, with a visible location at Exit 172 of the Garden State Parkway. While the asset was being marketed, it was 89% leased, but prior to closing, Accordia secured a tenant for the remaining space, boosting the building’s occupancy to 100%.

“Strong in-place tenancy will provide Accordia with a dependable income stream in the near and mid-term,” Oram tells GlobeSt.com. “In addition, the landlord’s planned capital improvements promise significant future upside.” Although he could not discuss the actual investment, Oram tells GlobeSt.com that the owner intends to expand the existing parking lot from 4 to 5 per 1,000 specifically to accommodate future medical tenants. The parking lot approvals were already in place and conveyed by the seller at closing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.