By Tina Traster
A partnership has purchased a nearly 63,000-square-foot medical office building in Clifton for $16 million, brokers with Cushman & Wakefield announced Thursday.
According to the real estate services firm, which represented First Equity Development Co. in the sale, 1135 Broad St. is fully leased to 10 tenants, including many of the region’s well-known health care providers. That was a key draw for the buyer, a joint venture of Florida-based Rendina Healthcare Real Estate and Artemis Partners.
Cushman & Wakefield’s Frank DiTommaso, David Bernhaut, Gary Gabriel and Max Helfman completed the trade of the 62,535-square-foot building.
“Medical office buildings in the tristate area remain in extremely high demand and 1135 Broad Street was no exception, garnering attention from both national and local buyers, resulting in a highly competitive marketing and bid process,” DiTommaso said. “This property is situated in one of the most fundamentally sound medical submarkets in northern New Jersey, with Clifton being densely populated, highly accessible and boasting a sub-2 percent vacancy rate across local competition.”
Tenants at 1135 Broad St. include Children’s Specialized Hospital, St. Joseph’s Health and Kessler Institute for Rehabilitation. Located just off Route 3 and the Garden State Parkway, the property is a short drive from Montclair State University, Hackensack Meridian School of Medicine, St. Mary’s Hospital, St. Joseph’s Main Campus and Mountainside Medical Center.
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
