601 Hamburg Turnpike in Wayne — Courtesy: JLL
By Joshua Burd
March Associates Construction has sold a nearly 38,000-square-foot medical office building in Wayne — a location that’s also its longtime headquarters — in a deal arranged by JLL.
The buyer, Pinnacle Group of Hudson Valley, paid $7.9 million for the three-story property at 601 Hamburg Turnpike, according to the listing team. The 37,770-square-foot building changed hands with occupancy at 97 percent, with medical tenants such as Denville Diagnostics/Star MRI, Wayne Dental Arts and Spectrum Therapeutics accounting for more than half the space.
It’s also home to March Associates, the construction management firm, which developed the building in 2002 and has since occupied a portion of the property as its corporate headquarters. But the asset has become a destination for health care users thanks in part to its location just one mile from St. Joseph’s University Medical Center in Paterson.
JLL Senior Managing Director Jeremy Neuer, Director Michael Kavaler, Senior Director JB Bruno and Senior Analyst Cody Johnson represented the seller and procured the buyer.
“We continue to see robust investor interest for well-located medical office buildings in the suburban tristate,” Kavaler said. “The quality of the asset and tenancy combined with the positive fundamentals of the northern New Jersey medical market drove a competitive field resulting in a strong execution.”
