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Pentax Medical HQ Changes Hands in Montvale
Boston-based The Davis Companies has sold the headquarters of R&D firm Pentax Medical at 3 Paragon Dr. in Montvale, NJ to private equity firm Northeast Capital Group. The 93,916-square-foot office building traded for $14 million.
Davis acquired 3 Paragon in 2014, and completed various capital improvements to the property. “In addition to the renovations and infrastructure enhancements, we were able to secure a long-term lease extension with the anchor tenant, Pentax Medical, for its 73,000-square-foot premises, affirming its strong commitment to the building,” said VP David Allen at Davis.
Davis was represented by JLL’s Joseph Garibaldi, Thomas Walsh, Stephen Feinberg and Katelyn Borovsky. For Ramapo, NY-based Northeast Capital, the acquisition was “a tremendous opportunity to acquire “an almost fully leased, headquarters-quality office building in one of Bergen County’s most affluent communities,” said Garibaldi. “The area in and around Montvale is experiencing positive momentum and Pentax Medical’s business is thriving.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
