690 Kinderkamack Road in Oradell — Courtesy: Colliers International
By Joshua Burd
An investor has acquired more than 55,000 square feet of medical office space in Bergen County, under a transaction arranged by Colliers International.
Brokers say the property, located at 690 Kinderkamack Road in Oradell, is a multitenant building that can house both traditional office tenants and medical users. The sale, the terms of which were not disclosed, took place between two private entities.
“Throughout the pandemic, medical real estate has continued to perform well,” said Jacklene Chesler, an executive managing director with Colliers. “Investors have viewed the sector as a relatively safe and durable investment, even over the course of the last 15 months, as health care became one of the most essential sectors in 2020.
“Demand for medical office space is outpacing supply as conversion of other spaces into medical office buildings can be complicated due to the specific space needs of physicians. I’m proud of our team for identifying and securing the perfect buyer for the property.”
Chesler represented the buyer alongside Managing Director Matthew Brown and Associate Director Patrick Norris. In a news release, they said the 55,317-square-foot building is close to multiple area hospitals and provides easy access to highways such as Route 17 and the Garden State Parkway.
It also offers a medical gurney elevator and was recently granted a zoning use variance for a surgical center consisting of five operating rooms, Colliers said.