622 Eagle Rock Ave. in West Orange — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A bank has sold and leased back part of a 48,000-square-foot office and medical building in West Orange, in a transaction arranged by The Kislak Co. Inc.
The brokerage firm represented New York Community Bank, a longtime client, in the sale of 622 Eagle Rock Ave. to an entity listed as 622 Eagle Rock Avenue Realty. The three-story complex changed hands for an undisclosed price.
“We were retained on an exclusive basis and were able to lease three suites and then complete the sale of the property,” said Matt Weilheimer, a senior vice president with Kislak who handled the assignment. “The demand for medical space in West Orange is very strong.”
Mitch Katz of Marcus & Millichap represented the buyer.
In announcing the deal, Kislak said current tenants have occupied the building for an average of more than 10 years. Major tenants include JAG One Physical Therapy and Garden State Community Bank, whose parent company owned and managed the property for about 12 years.
The lender is staying on as a tenant at the 32-year-old property, Kislak said. Located near the intersection of Pleasant Valley Way, the building sits west of downtown of West Orange, offering quick access to interstates 280 and 287, the Garden State Parkway and the New Jersey Turnpike.
