90 Millburn Ave. in Millburn — Courtesy: Marcus & Millichap
By Joshua Burd
A two-story medical office building in Millburn has changed hands for $8.5 million, following a sale arranged by Marcus & Millichap.
The 21,830-square-foot property, located at 90 Millburn Ave., is 100 percent leased to 11 medical office tenants. Marcus & Millichap Investment Specialist Fahri Ozturk represented both parties, touting its 87 parking spaces and a location less than a mile from downtown Millburn, near major highways and close to the township’s train station.
“90 Millburn Ave provided a sought-after opportunity for quality stabilized medical office building in Northern New Jersey,” Ozturk said. “At a 6.45 cap sale, we achieved nearly $400 per square foot. This transaction demonstrates Investors’ demand for core office space remains strong.”