“The commercial sales market continues to show signs of strength, mainly due to a low interest rate environment coupled with a limited supply of alternative investments in the market,” says Horning. “There was significant interest in the building, however, properties tend to have more value to a qualified buyer that is also a tenant in the building, which was the case for this transaction.”

ELMWOOD PARK, NJ—Brook Development has sold a three-story, 13,740-square-foot medical office building at 97 Linden Avenue in Elmwood Park, NJ to a private buyer whose name was not disclosed. NAI Hanson's Darren Lizzack and Randy Horning represented the seller and buyer in the transaction.

The buyer currently occupies the entire first floor of the two-story building and will seek another healthcare provider to lease the available 5,000 square feet of contiguous top floor space.

“We have handled leasing at this property for a long time and when the seller sought to relieve the asset, the buyer saw a key investment opportunity,” says Lizzack. “We appreciate the seller's confidence in our team to find a qualified buyer in today's competitive medical office market.”

97 Linden Avenue is located directly off Route-80, providing sign visibility to over 135,000 cars daily. The northern New Jersey location provides quick access to the Garden State Parkway, the New Jersey Turnpike, Routes 17, 21 and 46. Built in 2002, the building features elevators and covered parking to accommodate patients. The building is located just miles from St. Joseph's Regional Medical Center.

“The commercial sales market continues to show signs of strength, mainly due to a low interest rate environment coupled with a limited supply of alternative investments in the market,” says Horning. “There was significant interest in the building, however, properties tend to have more value to a qualified buyer that is also a tenant in the building, which was the case for this transaction.”