Montville Center at 350 Main Road in Montville — Courtesy: Diversified Properties
By Joshua Burd
Diversified Properties has signed two leases at a Morris County office building, securing commitments from a financial services firm and a retail mortgage lender.
The tenants, Montville Financial Group LLC and Guaranteed Rate Inc., leased 2,694 square feet and 2,306 square feet, respectively, at 350 Main Road in Montville. The deals bring the 33,900-square-foot building to 98 percent occupancy, thanks in part to a series of upgrades following the landlord’s purchase of the property in 2015.
“Our office value-add approach is backed by a hands-on multitenant leasing strategy that ensures high occupancy rates across our diverse portfolio of high quality, investment-grade assets,” said Nicholas Minoia, founder and managing partner of Diversified Properties. “Since acquiring Montville Center six years ago, our flawless execution of our leasing and development strategy has enabled us to consistently drive value, attract and retain premier tenants and position the asset for long-term success.”
In a news release, Diversified noted that Montville Center includes the two-story office building and a 98,000-square-foot CubeSmart self-storage facility. The five-acre site is at the intersection of Interstate 287 and Route 202, offering on-site daycare at the office building and a parking ratio of four spaces per 1,000 square feet.
Montville Center also serves as Diversified Properties’ headquarters, housing additional tenants such as SportsCare Physical Therapy, Montville Pediatric Dentistry and Kiddie Academy, the operator of the 11,570-square-foot early childhood learning and care center.
“At Kiddie Academy, we are proud to serve Montville area families as the premier provider of educational childcare services from ages six weeks to six years,” said Bernie Klein, franchise owner of Kiddie Academy. “Montville Center offers us an excellent location and easy accessibility for our customers. In addition to a tremendous location in the heart of Morris County and a flexible layout, Diversified Properties’ hands-on management ensures that we consistently receive the highest standards of service.”