NAI Completes Sale of New Jersey Medical Asset
- Oct 14, 2016
by Gabriel Culcsar
Elmwood Park, N.J.—NAI Hanson recently closed the sale of 97 Linden Avenue, a 13,740-square-foot medical office building, located in Elmwood Park. Darren Lizzack and Randy Horning of NAI Hanson represented both the seller, Brook Development LLC, and the private buyer in the transaction.
The buyer currently occupies the first floor of the building, and is already seeking another healthcare provider to lease the remaining 5,000 square feet on the top floor. Built in 2002, the three-story medical office features elevators and covered parking.
“We have handled leasing at this property for a long time and when the seller sought to relieve the asset, the buyer saw a key investment opportunity,” said Lizzack in prepared remarks. “There was significant interest in the building, however, properties tend to have more value to a qualified buyer that is also a tenant in the building, which was the case for this transaction,” added Horning.
The property’s location offers direct access to Route 80, and is in close proximity to the New Jersey Turnpike and Garden State Parkway.
Image via Google Street View