Cushman & Wakefield said Sept. 8 that the real estate services firm has arranged the sale of 20 Craig Road, a 29,898-square-foot single-tenant flex/office property in Montvale for $5.75 million.
Cushman & Wakefield’s Andrew Schwartz, Jordan Sobel, Andre Balthazard, and Dan Bottiglieri represented the seller, Mountain Development Corp., and procured the buyer, Fortune Touch, in the transaction. The firm’s equity, debt and structured finance team of Brian Anderson and Eddie Miro also arranged the acquisition financing for the buyer.
The property is 100% leased to Jura, the U.S. distributor for the Swiss brand specializing in premium automatic coffee machines. The two-story building serves as Jura’s North American headquarters and features executive offices, a product showroom, customer support center, warehouse facilities, and the company’s “Jura Live” studio.
“This transaction demonstrates the continued investor appetite for well-located, single-tenant office assets with strong credit tenants,” said Sobel. “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.”
The 2.97-acre property is located less than half a mile from the Garden State Parkway and about 30 minutes from Manhattan. The asset benefits from proximity to the Shoppes at DePiero Farms development, featuring premium retailers and restaurants.
