44 Route 23 North in Riverdale — Courtesy: CBRE
By Joshua Burd
A private investment firm has paid $1.6 million for two adjacent medical condominium units in Riverdale, according to brokers with CBRE who arranged the transaction.
In a news release, CBRE said it represented the seller and procured the buyer of the units at 44 Route 23 North. The two spaces, which total about 6,400 square feet, are part of a three-story office building at the intersection of Route 23 and Newark Pompton Turnpike.
The CBRE Tri-State Investment Properties team of Charles Berger, Elli Klapper, Mark Silverman and Donald Sperling brokered the sale, touting the need to find a buyer in a short timeframe.
“Despite the many challenges associated with a condo sale, our team was able to deliver numerous offers in a very short timeframe, thus creating an auction-like environment,” Berger said. “Our client accepted an all cash, non-contingent offer and the sale was completed in just three months.”
The spaces are fully occupied by The Dermatology Group, a tenant with more than 30 physicians and 16 medical locations throughout New Jersey, the news release said. The group is one of the largest dermatology practices in the U.S., providing the new owners with two triple-net leased spaces with a stable cash flow.