420 Grand Ave. in Englewood — Courtesy: Cushman & Wakefield
By Joshua Burd
A private investor has acquired a nearly 16,000-square-foot medical office building in Englewood, under a newly announced deal by Cushman & Wakefield.
Brokers say the property, located at 420 Grand Ave., changed hands for $3.55 million amid continued demand for health care-related assets. The 15,940-square-foot building is just off Route 4 and occupied by two medical tenants, C&W said, with a location that is three miles from both Holy Name Medical Center and Englewood Health.
“420 Grand Avenue offered an ideal opportunity for medical office investors,” said Andrew Schwartz, a member of the investment sales team. “With two major hospitals within three miles of the site, this asset supports high demand in a severely supply-constrained location.”
C&W’s Andy Merin, Schwartz, Jeffrey Prezant, Seth Pollack, Jordan Sobel and Andre Balthazard brokered the transaction. They noted that the two-story building, which sits on just over an acre, is located within a federally designated Opportunity Zone, providing potential tax benefits to investors who hold and improve the property.