MORRISTOWN, N.J., Sept. 20, 2023 -Capital Markets announced today that it has completed the $14.75 million sale of 5 Paragon Drive, a Class A office building totalling 119,089 square feet in the Bergen County community of Montvale, New Jersey.
JLL represented the seller, Nessel Development, and procured the buyer, Exclusive Management. The JLL deal team was also involved in the last two sales of the property in 2011 and 2019.
5 Paragon Drive is a two-story building that has been institutionally maintained and offers an atrium lobby, full-service cafeteria, fitness center and park-like setting on a 16.53-acre site. The prior owner also made several energy sustainability improvements, including the installation of a rooftop solar system and EV charging stations. 5 Paragon Drive is currently 76% leased, anchored by Flight Centre Travel Group and Balchem.
5 Paragon Drive is positioned in the Upper Parkway office submarket of Montvale, a community bordering New York State in Northern New Jersey. Montvale offers a plentiful amenity base and connectivity to the entire region via Montvale Train Station, the Garden State Parkway and Interstates 287/87. Additionally, the Montvale/Woodcliff Lake submarket is home to a significant number of corporate headquarters and operation headquarters for companies, including Sharp Corporation, Benjamin Moore, BMW and KPMG. The property is also conveniently located within a short walk of a newly developed mixed-use property anchored by a Wegmans and luxury apartments.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Jeremy Neuer, Jose Cruz and Kevin O'Hearn.
Baruch Hirsch, executive at Exclusive Management negotiated the sale and was able to execute seamlessly in this challenging economic climate.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 20 September 2023 and is solely responsible for the information contained therein. Distributed by, unedited and unaltered, on 20 September 2023 19:40:06 UTC.