FAIRFIELD, NJ – Accordia Realty Ventures, a real estate investment and development company based in Fairfield, NJ, has closed on two transactions in northern New Jersey.
In the first transaction, Accordia recapitalized the Warren Office Center, a 58,171-square-footClass A office property located at 34 Mountain Blvd. in downtown Warren, New Jersey. Ten Capital Management partnered with Accordia on the transaction and stepped in to replace the original joint venture partner.
“The deal is a testament to our long-term outlook and viability of the property,” said Accordia Principal Joe Romano.“The sale and recapitalization met the logistical needs of our former partner and bolsters the relationship with our new partner, Ten Capital.”
Located in Warren, the premier office destination in Northern New Jersey, Warren Office Center is a three building complex featuringcolonial style architecture, flexible floor plates and operable windows. Notable tenants include Summit Medical Group, JAG Physical Therapy and Phoenix Marketing. The property is 100% leased.
“We were able to negotiate a direct deal with the original capital partner who was winding up a 2004 vintage fund. We are thrilled to partner with Accordia and the opportunity fits well with our investment strategy to target overlooked, quality properties in secondary markets where we can deliver outsized risk-adjusted returns to our investors,” said Ten Capital Partner David Smith.
In the second recently completed transaction, Accordia acquired Godwin Plaza located at 644-658 Godwin Avenue in Midland Park, NJ, from a private owner. The 22,000-square-foot retail property also features an office and residential component. Accordia plans to upgrade Godwin Plaza and improve the tenant mix while expanding the residential portion of the property.
Located in the heart of Bergen County, Accordia’s Principal Jason Bogart said the deal was difficult to pass up. “Real estate has always been about location, location, location and this property is in a great setting. With a little attention we believe Godwin Plaza can quickly regain its position in the market and attract national retailers.”
So far in 2013, Accordia Realty Ventures has closed more than 50,000 square feet of new leases at its properties. “We have seen good activity this year and feel confident about the opportunities we are seeing to expand our operations into new properties,” stated Romano.
About Ten Capital Management, LLC
Ten Capital Management targets transactions which are too large or complex for small, undercapitalized investors and which fall “below the radar” of larger institutional investors. Founded in 2011, Ten Capital Management was formed to bring institutional discipline, judgment and control to underserved markets and assets. The firm makes equity investments between $5 and $20 million across all major property types in the United States through multiple strategies, including: recapitalizations, distressed asset workouts/purchases, non-performing loan and loan pool acquisitions, partnership buyouts and sponsor equity funding on an opportunistic basis.
About Accordia Realty Ventures, LLC
Founded in 2005, Accordia Realty Ventures, LLC is an entrepreneurial real estate firm dedicated to the creative and collaborative process of value creation through real estate investment and development. The firm targets investment opportunities in undervalued, high grade, income producing commercial properties. Headquartered in Fairfield, NJ, the firm is noted for the creation and development of “smart growth,” mixed use, urban and redevelopment projects. For more information, visit www.accordiarealty.com.