155 Prospect Ave. in West Orange — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a nearly 35,000-square-foot office building in West Orange, under a newly announced sale by Marcus & Millichap.
Brokers with the firm represented both parties in the transaction at 155 Prospect Ave., which traded for $5.75 million. The sale follows recent upgrades at the 35-year-old property, including new tenant build-outs and renovations to common areas, bathrooms, the parking lot, roof and HVAC systems.
Marcus & Millichap investment sales specialists completed the transaction, touting the property’s location 12 miles from Newark Liberty International Airport and 16 miles from Manhattan. The building was 100 percent leased to 12 tenants at the time of the sale.
“155 Prospect provided a sought-after opportunity for quality stabilized mixed medical office building in northern New Jersey,” Ozturk said. “Attractiveness of the property combined with our marketing process, we were able to close on the property with no contingencies and within 45 days of the contract execution.”
