Colonial Corporate Center, Oradell, NJColonial Corporate Center
Developer: Olympic Realty Associates
Colonial Corporate Center is an example of an innovative development approach and adoptive reuse of an outdated office complex of 40,000 square feet. Rio Vista conceived a plan to upgrade the facility and convert it into a traditional corporate office center.
Rio Vista acquired the complex consisting of three separate one story buildings which were vacant and in disrepair. The three buildings were connected to form a single complex with multiple entry lobbies, expanded in size, upgraded to current building code requirements and a decorative slate roof was applied to increase the attractiveness of the site. The upgrade to the center included a complete retrofit with new fire sprinkler, HVAC, plumbing and electrical systems and site work. The developer worked closely with local and county officials to plan, coordinate and improve a new major signalized intersection and improved entrance to the complex.
The construction and total lease-up of the Colonial Corporate Center was completed within an 18 month period. Tenants included A.G. Edwards & Company, Massachusetts Mutual Life Insurance Company, Atlantic Mortgage Company and Marine Midland Bank.
The project was financed through conventional financing and private equity.
