67 Walnut Ave. in Clark
By Joshua Burd
A private investor has reaped more than $13 million from the sale of a Clark office building, in a deal that comes less than two years after it acquired the five-story property.
Marcus & Millichap announced Thursday that it brokered the sale of 67 Walnut Ave., a 76,146-square-foot complex just off the Garden State Parkway. An undisclosed buyer purchased the property for $13.075 million.
“We continue to see strong investor demand for stabilized office properties across New Jersey,” said Marcus & Millichap’s Fahri Ozturk, who represented the seller alongside Richard Gatto. “(The) property’s diverse tenant base, high occupancy with minimal deferred maintenance made it an attractive investment to the buyer.”
The deal marks the second sale of the building since fall 2018. The outgoing owner acquired the property at the time from Mountain Development Corp. and Bukiet Building and Management Co. LLC, paying $10.525 million.
“The previous owner did a remarkable job with the property and its immediate location will continue to attract new and retain existing tenants,” Gatto said. “(The) buyer will continue to benefit property’s strong cash flow.”