1 West Ridgewood Ave. in Paramus — Courtesy: CBRE
By Joshua Burd
A private investor has acquired a 75,000-square-foot medical office building in Paramus for $20 million, brokers with CBRE said Thursday.
The real estate services firm announced that it represented Eye Institute of New Jersey in the sale of Bergen Medical Center, which sits at 1 West Ridgewood Ave. off Route 17. Built in 1988, the property is in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center.
CBRE’s Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate completed the assignment and procured the buyer of the five-acre site.
“The purchaser will benefit from bringing managerial efficiencies to the building that will better serve the tenants, as well as improve the overall performance of the asset,” Gambuzza said. “The property provides the ideal value-add opportunity for the new ownership to lease vacant space and increase NOI through its hands-on management approach.”