71 Union Ave. in Rutherford — Courtesy: Colliers International
By Joshua Burd
A private investor has purchased a fully leased, multitenant office building in Rutherford, under a newly announced transaction by Colliers International.
Brokers with the firm represented the seller, an entity affiliated with Aspen Advisors, in its disposition of 71 Union Ave. Home to a mix of medical and professional office tenants, the 32,226-square-foot building traded for $6.9 million.
“The medical office sector, combined with buildings that serve smaller, short-term tenancy, has been one of the most crucial and fastest growing throughout the pandemic,” said Jacklene Chesler, an executive managing director with Colliers. “As demand continues to outpace supply, identifying quality medical office investment opportunities has become a valuable skill. Our team’s extensive market knowledge allowed us to arrange a sale that will benefit all parties in both the near and long term.”
Chesler brokered the sale alongside Managing Director Matthew Brown and Associate Director Patrick Norris. They noted that the asset is within walking distance of the borough’s train station and downtown area, catering to smaller, entrepreneurial tenants and medical practitioners.
“The Colliers investment sales team did an exceptional job in running a process that garnered a number of qualified offers with strong pricing and terms,” Alex Reizner of Aspen Advisors said. “In the end to have an all-cash buyer that waived (due diligence) and posted a significant at-risk deposit exceeded our expectations and is why we continue to work with Chesler and team.”