400 Old Hook Road in Westwood — Courtesy: Cushman & Wakefield
By Joshua Burd
A private investor has acquired more than 33,000 square feet of medical office space in Westwood, in a nearly $4.4 million deal arranged by Cushman & Wakefield.
Brokers say the building, 400 Old Hook Road, is 70 percent leased to a roster of established health care tenants. It also has near-term upside through lease-up opportunities, the listing team added, offering a blend of stability and value-add potential in a location that’s less than a half-mile from Hackensack Meridian Health’s Pascack Valley Medical Center.
Cushman’s Andrew Schwartz, Jordan Sobel, André Balthazard and Dan Bottiglieri represented the seller, 400 Old Hook Owner LLC, and procured the buyer in the $4.35 million deal.
“Medical office continues to be one of the most sought-after asset classes in New Jersey, particularly in locations with strong health system adjacency and durable tenancy,” said Sobel, a director at Cushman & Wakefield. “400 Old Hook Road checks all those boxes. The level of investor demand and the strong execution on both the sale and financing sides of the deal underscores the depth of capital targeting well-located medical office assets in Bergen County.”
C&W’s Brian Anderson and Eddie Miro arranged acquisition financing for the three-story, 33,277-square-foot property.
“The strong lender response mirrored the competitiveness of the sale process and underscores the depth of capital targeting high-quality medical office properties,” said Anderson, an executive managing director with the firm.
