COFINANCE
INC. SELLS MONTVALE, NEW JERSEY OFFICE
BUILDING —
305 WEST GRAND
FETCHED A STRONG PRICE DESPITE THE
CURRENT WEAK LEASING AND CAPITAL MARKETS
ENVIRONMENT
MONTVALE, NEW JERSEY
-
OCTOBER
28, 2009
Cofinance
Inc., the United States subsidiary of
Cofinance Group, a French-owned real
estate investment company (Collectively
“Cofinance”), has completed the sale of
305 West Grand Avenue in Montvale, New
Jersey to an investment group lead by
Accordia Realty Ventures.
305 West
Grand Avenue, a 27,162 square foot
single-story office building, was
originally purchased by a Cofinance
related entity, in December 2001. “We
are very pleased with the sale price of
just north of $170 per square foot,”
commented James J. Maurer, President of
Cofinance Inc. “This represents an
approximate 7% cap rate on in-place NOI,
and points to our success in marketing
the asset as a medical conversion
opportunity.” During the sale process,
Cofinance secured approvals from both
the Borough of Montvale and Bergen
County to expand the parking lot, which
was a key factor in
Accordia’s decision to purchase the
property. Accordia plans to convert the
property to medical office. 305 West
Grand was 89% occupied at the time of
sale. Jeff Oram of Marcus & Millichap
represented Cofinance on the sale. The
purchase price was $4.635 million.
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