By Joshua Burd
Chopp Holdings has sold a nearly 123,000-square-foot commercial and medical office campus in Wayne for $22.25 million, brokers with Cushman & Wakefield announced Monday.
Known as Oak Hill Park, the complex at 1680-1700 Route 23 North is 95 percent leased to more than 30 tenants, benefiting from a location near interstates 80 and 287, Cushman said. An undisclosed investor purchased the two-building, 122,600-square-foot complex, which is recently renovated and has a 42 percent medical tenant base.
“Oak Hill Park is a perfect example that right-sized, well-located properties with a diverse tenant mix are still commanding solid investor interest despite current challenges in the capital markets,” C&W’s Frank DiTommaso said. “Oak Hill Park has benefitted from over 55,000 square feet of new and renewal leasing activity in the last 24 months, and ownership will continue to implement a hands-on leasing approach to enhance the existing and future medical-tenancy at the property.”
DiTommaso represented Chopp in the sale alongside David Bernhaut, Andy Merin, Gary Gabriel and Seth Zuidema. Cushman leasing experts Jerry Shiffrin, Frank Maldonado and Dan Johnsen were also involved in the transaction, while Brad Domenico of Progress Capital arranged acquisition financing.
In a news release, the brokerage team said Oak Hill Park is home to medical practices in fields such as pediatrics, podiatry, neurology, spine orthopedics, dentistry and plastic surgery.
