Bergen Medical Center, Paramus, NJ
PARAMUS, NJ—The Bergen Medical Center at 1 West Ridgewood Ave. here has been sold for $20 million.
CBRE, which brokered the transaction, reports the 75,000-square-foot medical office building was sold by the Eye Institute of New Jersey to a private investor.
The CBRE team of Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate represented the Eye Institute of New Jersey in the sale and procured the buyer in the transaction.
Built in 1988, Bergen Medical Center sits on approximately five acres in one of the county’s chief health care arteries, off Route 17. The property is near Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center.
“The purchaser will benefit from bringing managerial efficiencies to the building that will better serve the tenants, as well as improve the overall performance of the asset,” says CBRE’s Gambuzza. “The property provides the ideal value-add opportunity for the new ownership to lease vacant space and increase NOI through its hands-on management approach.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
