20 Craig Road in Montvale — Courtesy: Cushman & Wakefield
By Joshua Burd
Mountain Development Corp. has sold a nearly 30,000-square-foot flex office building in Montvale for $5.75 million, in a newly announced deal by Cushman & Wakefield.
According to the listing team, an investor known as Fortune Touch LLC purchased the property at 20 Craig Road. The brokers noted that the 29,898-square-foot building is fully leased to JURA Inc., the U.S. distributor for the globally recognized Swiss brand specializing in high-end automatic coffee machines, serving as its North American headquarters with executive offices, a product showroom, a customer support center, warehouse facilities and the company’s “Jura Live” studio.
Cushman’s Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented the seller and procured the buyer. The firm’s equity, debt and structured finance team of Brian Anderson and Eddie Miro also arranged an acquisition loan for the buyer.
“This transaction demonstrates the continued investor appetite for well-located, single-tenant office assets with strong credit tenants,” Sobel said. “The property’s mission-critical nature as JURA’s North American headquarters, combined with its strategic location in one of Bergen County’s most desirable business communities, made this an attractive investment opportunity.”
In announcing the deal, C&W noted that the 2.97-acre property is less than a half-mile from the Garden State Parkway and a roughly 30-minute drive from Manhattan. The asset also benefits from proximity to the Shoppes at DePiero Farms, the upscale retail development with premium shops and restaurants.
