85 Chestnut Ridge Road

85 Chestnut Ridge Rd, Montvale, NJ 07645, USA

Description

85 Chestnut Ridge Road is a classic success story for Accordia and a great example of our ability to be creative and flexible.

85 Chestnut Ridge Road is a 62,250 square foot office building located on Chestnut Ridge Road in the center of Montvale, New Jersey. The property had a history as a corporate headquarters having been the home of Executive Jet and Wallenius Shipping Lines. It was located on a street lined with national and international headquarters buildings. 85 Chestnut Ridge Road had become worn and dated but the site had beautifully landscaped grounds and great exposure on the Garden State Parkway.

Accordia purchased in the Spring of 2006 with the intention of vacating its remaining tenants and rehabilitating the building. The $4 million renovation of the building began in the Fall of 2006 and was completed within 9 months, on time and under budget. The scope of work included:

  • Replacement and modernization of the entire HVAC system
  • Installation of a full service, handicap accessible elevator
  • A brand new roof with 15 year warranty
  • Renovation and upgrading the existing bathrooms and lobbies to ADA standards
  • New faced and enhanced brick work in the exterior of the building
  • Extensive landscaping upgrades to the grounds and immediate building surrounding
  • Site plan approval for the expansion of the parking lots to add an additional 50 new spaces to the site.

Although the original plan for the property was to eek long term corporate tenants and hold for a ten year period, as the renovation work was being completed, it became obvious that the rental market and the economy in general was grinding to a halt. There were, however, a number of companies looking to buy in the area. Accordia went back to our investment partners with the recommendation that we open our thinking to the possibility of a user sale.

Within six months of the project’s completion in the Spring of 2008, the building was sold to an international steel company that is now utilizing the building as its US Corporate Headquarters.

The investment showed a 15% return on equity to our partners.

  • Address: 85 Chestnut Ridge Rd
  • City: Montvale
  • State/county: New Jersey
  • Zip/Postal Code: 07645
  • Country: United States

Detail

Updated on February 9, 2018 at 4:12 pm

  • Property Size: 62,250 Sq Ft
  • Property Type: Office Building
  • Property Status: Sold

Contact info

Accordia Realty Ventures
Accordia Realty Ventures

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