870 Palisades Ave. in Teaneck — Courtesy: CBRE
By Joshua Burd
An investor has purchased a series of medical office properties in Bergen and Camden counties, paying just over $7 million in a deal arranged by CBRE.
According to the brokerage team, the portfolio includes three long-term, triple net-leased condominium units at 870 Palisades Ave. in Teaneck and a fourth at 705 White Horse Pike in Voorhees. Also included is a freestanding building at 736 Page Ave. in Lyndhurst.
CBRE’s Charles Berger, Elli Klapper and Samuel Bernhaut represented an undisclosed seller in the deal. SDM Futures LLC purchased the portfolio for $7.04 million, the brokers said, noting that the spaces are home to Riverside Medical Group.
“This Riverside Medical Portfolio provided the buyer with an opportunity to own stabilized medical properties that are triple net-leased and offer exceptional returns, especially given the national malaise affecting the office market segment,” Berger said. “Medical space is the hot product currently and one of the best investments in New Jersey. In addition to the great locations and quality of the medical space, the buyer was also able to lock in a good interest rate before the bump in debt markets.”
