5 Paragon Drive in Montvale — Courtesy: JLL
By Joshua Burd
Nessel Development has sold a nearly 120,000-square-foot office building in Montvale for $14.75 million, under a deal arranged by JLL’s New Jersey capital markets team.
The transaction at 5 Paragon Drive, which sits on 16.53 acres about a mile from the Garden State Parkway, marks the third sale of the property since 2011. Exclusive Management purchased the two-story, 119,089-square-foot building in the latest deal, the brokerage team said, noting that it’s currently 76 percent leased and anchored by Flight Centre Travel Group and Balchem.
JLL senior managing directors Jeremy Neuer, Jose Cruz and Kevin O’Hearn represented the seller and procured the buyer. The team was also involved in the last two sales of the property in 2011 and 2019.
In a news release, the firm noted that 5 Paragon Drive features an atrium lobby, a full-service cafeteria, a fitness center and a park-like setting. The prior owner also made several energy sustainability improvements, including the installation of a rooftop solar system and electric vehicle charging stations, capitalizing on a location near the New York State border and connectivity to the Montvale train station, the Garden State Parkway and interstates 287 and 87.
JLL added that the Montvale and Woodcliff Lake submarket is home to corporate and local headquarters for several major companies, including Sharp Corp., Benjamin Moore, BMW and KPMG. The property is also within walking distance of a newly developed mixed-use property anchored by a Wegmans and luxury apartments.