New Jersey MOB Trades in $20M Deal

The property contains 75,000 square feet amidst a busy health-care corridor, with nearly 3 million square feet of medical office space less than 5 miles away.
Bergen Medical Center. Image courtesy of CBRE

Eye Institute of New Jersey has sold Bergen Medical Center, a medical office property in Paramus, N.J. The buyer, a private investor, paid $20 million for the 75,000-square-foot building.

The three-story asset, completed in 1988, is leased to a range of health-care tenants, including Bergen Medical Associates, Preventive Plus, Hackensack University Medical Group, The Breslow Center and a pharmacy.

The building is located on 5 acres at 1 W. Ridgewood Ave., alongside Route 17 and close to a number of major health-care providers, from Valley Medical Center to Hackensack University Medical Center. The wider area is home to significant medical office space: Yardi Matrix shows 2.9 million square feet within 5 miles of the asset.

A CBRE team made up of Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate represented the seller in the transaction and secured the buyer. Last month, the firm brokered a two-building, 315,000-square-foot office lease approximately 40 miles southwest of the Bergen Medical Center to Everet Reinsurance Co.