One Seymour Plaza in Montclair — Courtesy: BGO
By Joshua Burd
A joint venture has acquired a nearly 41,000-square-foot medical office building and an adjacent parking garage in downtown Montclair for $17.9 million, in a deal arranged by CBRE.
The brokerage team represented the undisclosed seller and procured the buyer, a partnership of BGO and Anchor Health Properties, in the transaction at One Seymour Plaza. The deal comes four years after the opening of the 40,785-square-foot building, which is fully leased to Summit Health, as part of a major mixed-use project around the acclaimed Wellmont Theater.
It also comes just weeks after Tishman Speyer acquired a neighboring 200-unit apartment building, part of the same development plan, for $96.15 million. CBRE also represented the seller in the earlier transaction.
CBRE’s Jeff Dunne, Doug Rodio and Travis Langer completed the sale of One Seymour Plaza in tandem with Chris Bodnar and Brannan Knott of the firm’s U.S. health care capital markets team. They noted that the building has more than 60 exam rooms for multiple practices, while the adjacent parking structure has 236 spaces.
“We are pleased to partner with the Anchor Health team, whose specialized expertise in the medical office sector aligns seamlessly with BGO’s strategy of acquiring high-quality outpatient medical office buildings in affluent, high-growth markets,” said Dara Friedman, managing director and portfolio manager with BGO. “With our U.S. medical office portfolio nearing $400 million in (assets under management), this joint venture strengthens our presence in the sector and supports our mandate to deliver long-term value to investors across the breadth of BGO’s investment strategies.”
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