Allwood Medical Campus at 2, 4 and 6 Brighton Road in Clifton — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a three-building medical office campus in Clifton for $45 million, under a newly announced transaction by Marcus & Millichap.
The property, Allwood Medical Campus, spans 160,349 square feet across nearly nine acres and is fully leased to a host of tenants. The complex includes 2, 4 and 6 Brighton Road, offering a location just north of Route 3 and east of the Garden State Parkway.
“We were very pleased to work with the seller on the disposition of the three-building medical campus,” said Fahri Ozturk, who represented the private seller alongside Richard Gatto. “The seller was able to take advantage of the market’s strong demand for medical office properties that offer stable cash flow with future upside in rents.”
Ozturk and Gatto, who are based in Saddle Brook, also procured the buyer. In a news release, they noted that Allwood Medical Campus was built in the mid-1980s but has undergone recent upgrades to its HVAC systems, elevators and roof.
“Allwood Medical Campus provided the buyer with an exceptional opportunity to acquire a 100 percent leased property with strong in-place cash flow secured by several reputable medical tenants,” Gatto said. “This sale continues to demonstrate that we are seeing more private clients transact in the institutional grade properties.”
