315 East Northfield Road in Livingston — Courtesy: Marcus & Millichap
By Joshua Burd
A local partnership has sold a nearly 35,000-square-foot medical office building in Livingston for $13.5 million, in a newly announced deal by Marcus & Millichap.
According to a news release, the property at 315 East Northfield Road is home to a mix of medical practices and offices and is minutes from Cooperman Barnabas Medical Center. That helped fuel interest among would-be investors, including the New York-based LLC that ultimately purchased the building.
“Medical office buildings are one of the most highly sought-after products in the market, given how resilient the majority of tenants are,” said Alan Cafiero, a senior managing director for investments in Marcus & Millichap’s New Jersey office. “Properties on or near a hospital campus typically attract the most interest in the marketplace. This property is located just half a mile from Cooperman Barnabas Medical Center.”
Cafiero, Brian Kaplan, David Cafiero and Dean Matuszewicz represented the seller of the 34,599-square-foot building, while Alan Cafiero and Joe Koicim procured the buyer.
“I identified a buyer from NYC who had sold a prime Upper East Side corner property and was looking to reinvest in a medical office building in New Jersey to complete their exchange,” said Koicim, an investment specialist from Marcus’ New York office. “Leveraging the strength and extensive network of the Marcus & Millichap platform, I collaborated with Alan Cafiero to source these opportunities, and together we facilitated a seamless transaction for both the buyer and seller.”
