Surgical center deemed 'ideal' for $9.5M building in New Jersey — 4 details

The buyer of a 50,400-square-foot building in West Orange, N.J., plans to open a surgery center there, Real Estate NJ reports.

What you should know:

1. 347 Mt. Pleasant Ave LLC sold the medical office building for $9.5 million.

2. The unnamed buyer plans to open a surgery center on the third floor.

3. The property is near Saint Barnabas Medical Center in Livingston, N.J., and two train stations.

4. It is 97 percent occupied by medical and professional tenants with long-term leases.

"We extensively marketed the property and received interest from both users and investors," said Courtney Brooke Rosenkrantz, a senior sales associate with Newmark Associates, which represented the seller. "After receiving multiple bids, it was determined that the surgical center was the ideal fit for the property."

More articles on transactions/valuation:
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Florida ASC buyer projects $18M profit in 1st year: 5 details
Physician-owned eye group acquires California practice

 

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