65 Willowbrook Blvd. in Wayne — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has paid $6.4 million to acquire a 132,000-square-foot office building in Wayne, in a newly completed transaction by Marcus & Millichap.
Brokers with the firm represented an undisclosed seller in the transaction at 65 Willowbrook Blvd., a six-story building directly west of Route 23. The buyer, which came from out of state, has taken over a building with low occupancy but with recently completed upgrades, providing upside for the remaining lease-up.
Marcus & Millichap investment sales specialists Fahri Ozturk and Richard D. Gatto completed the assignment, while also representing the buyer. They described 65 Willowbrook as a challenging asset, one that was marketed for sale for several years.
“We rolled up our sleeves and confidently took on the challenge due to our ability to expose properties to wide range of investors through our platform and database,” Ozturk said. “We conducted over 30 tours and generated 16 offers. The property was ultimately sold to an out-of-state investor that will lease up the property.”
Built above three stories of parking, 65 Willowbrook includes 750 spaces for tenants. Recent upgrades at the building include a new roof and HVAC systems.
In a news release, Marcus touted the asset’s proximity to Interstate 80, Route 46 and the Garden State Parkway, along with the adjacent Willowbrook Mall and other surrounding retail.