Real Estate

NAI Hanson Arranges Sale of 104,854-Sq.-Ft. Office Building in Montvale

NAI James E. Hanson, a New Jersey-based full-service independent commercial real estate firm, announced the sale of a 104,854-square-foot office building located at 50 Chestnut Ridge Road in Montvale, to American Equity Partners. NAI Hanson’s Andrew Somple and Greg James represented the seller in the transaction.

Based upon a pending deed-in-lieu of foreclosure in July 2014, Hanson took over the leasing and property management.  “We immediately began a campaign to meet the existing tenants and ensured them their tenancy would be secure.  At the same time, our Property Management group contacted the property’s various vendors.  Because of our extensive background, we interviewed the vendors and some remained and some new vendors were hired,” said Greg James.

Once engaged, NAI Hanson increased occupancy from 57 percent to currently 73 percent. “50 Chestnut Ridge Road is well located and is attractively configured for small and mid-sized companies, which happens to be the most active market in Bergen County,” said Somple. “While we knew the end game was to sell the property via a managed sale for the Special Servicer, we were able to effectively market this building to the appropriate businesses and ensure that current tenants’ expectations were being exceeded in order to keep them at 50 Chestnut Ridge Road. That is the value that our firm, which is a full-service commercial brokerage and property management company offers.”

50 Chestnut Ridge Road sits on 11.15-acres and is located adjacent to The Garden State Parkway and offers convenient access to Interstates 287 and 87 as well as The New Jersey Turnpike and Routes 4, 17, 46 and 80. The established infrastructure in Montvale offers excellent mass transportation including easy access to Amtrak, NJ Transit (bus and train) and easy access to Philadelphia, Trenton and Newark airports. The building was renovated in 2004-5 and has 465 parking spaces.

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