Warren Medical Campus at 34 Mountain Blvd. in Warren — Courtesy: Accordia
By Joshua Burd
Accordia has reacquired a medical office campus in Warren that it sold nearly a decade ago, with plans to complete a major update of the 57,000-square-foot property off Interstate 78.
The Fairfield-based firm said Tuesday that upgrades are already underway at the three-building complex at 34 Mountain Blvd. Those enhancements are slated to include refreshed corridors, new front glass doors and new paint, as well as renovated common area restrooms and a new courtyard with seating and eating areas, among others, as the landlord looks to capitalize on a property whose tenants include Summit Health and JAG Physical Therapy.
The deal comes nearly two decades after Accordia purchased the campus — its first deal after its founding in 2005 — leading to a 10-year hold before it sold the asset.
“I like to describe this as a full circle moment for Accordia,” said Jason R. Bogart, the firm’s founding principal. “We have deep roots in the medical office commercial real estate space. To come back to one of our first properties nearly 20 years later, this time as a full-service real estate management firm, is a testament to our growth and the path ahead. We are looking forward to putting all our strengths to work on behalf of the Warren Medical Campus tenants.”
Accordia noted that it continued to manage the property after selling it in 2015.
“Our job as owners and managers is to add more value to each property in our portfolio, for the benefit of our tenants and their clients and visitors,” Bogart said. “These capital improvements go a long way in attracting new tenants, keeping current tenants happy and impressing the patients and visitors who come to this complex every day.”
Other upgrades will include manicured landscaping and new signage for enhanced visitor and employee navigation, according to a news release. In the meantime, the firm is marketing prebuilt spaces at buildings A and C ranging from 939 to 8,056 square feet.
“Warren Medical Campus is ideal for any interested medical practice who wants to be within proximity to some of the most well-known names in health care in the Garden State,” said Frank Recine, a principal at Accordia, who is spearheading the renovations and lease-up.
The acquisition also follows the firm’s expansion of its platform to include acquisitions and capital markets, development and third-party property and asset management, the news release said. Accordia implemented those changes while building a new leadership team that now includes Recine and Matthew Pizzolato, executive vice president, both of whom joined earlier this year after accomplished careers with JLL.
In Warren, they hope to tap into a region with an above-average household income and one where 29 percent of the population is 65 and older, providing a diverse patient base for medical practices.
“As the commercial real estate market encounters some volatility, we made sure that we were well-equipped to meet the moment head on,” Recine said. “We are hands-on and entrepreneurial, which makes us an excellent fit to help owners or managers who may find themselves struggling in a downturn.”
Accordia is also active outside the Garden State, noting that it’s currently closing on two industrial deals in North Carolina.
“Our footprint is growing outside of New Jersey and into other desirable markets across the U.S.,” said Pizzolato, the firm’s head of acquisitions. “This is the launchpad for continued expansion into 2025 and beyond.”
