The property is 100% occupied with upside potential due to some below market rents. Long-term tenants of the 15 office suites consist of doctors, physical therapists, medical billing companies, counselors and insurance offices. The building also offers on-site parking and convenient access to the 350,000-square-foot Essex Green Shopping Center directly across the street.
"With a cap rate of 9%, this property offers tremendous upside potential for the new owners, an investment group with a long-term plan for the asset," Dolgin says.
The 105-year-old KDA provides brokerage and management services, and has acquired $300 million of its own real estate assets within the past year alone, primarily industrial and medical/office properties.
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