Both the buyer and seller were represented in the transaction by Tom Skobo, a broker with the locally based Brounell & Kramer Realtors. The sellers were Marvin and Janice Teitelbaum; the unidentified buyer was "a prominent investor in properties throughout Union and Essex counties," Skobo tells GlobeSt.com.
"The stable, long-term net lease in place for the medical imaging center and administrative offices of Modern Medical enabled the purchaser to obtain an annual return in excess of 8% of his investment," Skobo says.
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