Accordia acquires River Drive II
STAR-LEDGER, February 11, 2007
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River Drive Center II in Elmwood Park, a four-story, 85,OOO-square-foot building,
is part of the three-building River Drive Center office complex.
Accordia Realty Ventures has acquired the River Drive Center II office building. Located in Elmwood Park, the four-story, 85,OOO-square-foot building is part of the three-building River Drive Center office complex, which contains more than 250,000 square feet of Class-A office space.
River Drive II's tenant roster includes such well-known corporations as Met Life and Emdeon (formerly WebMD).
River Drive sits between 180 and Route 46, with immediate, four-way access to both. 1-80 and Route 46 also provide access to the Garden State Parkway, which is 0.5 mile east of the site.
"We were pleased to be able to acquire a property that combines the quality of this building with unmatched highway access in a vibrant market," said Jason Bogart, Accordia principal.
"This is a growing market with high demand because of its highway network and access to the many residential communities of Bergen County and New York," said Accordia's Joseph Romano. "We have access to every amenity a corporate client could want.
Proof of the market's strength is the new development going up directly across from River Drive Center, which contains spec office buildings, a hotel, banking and residential development."
Added Bogart, "With the quality of the building and strength of this market, we think that River Drive is a perfect addition to our portfolio."
With headquarters in West Orange, Accordia Realty Ventures, LLC targets investment opportunities in undervalued, highgrade, income-producing commercial properties. The principals have built a reputation for completing a wide spectrum of creative transactions throughout the Northeast, and have extensive background in the creation and development of smart growth, mixed-use, urban and redevelopment projects.
