63K-square-foot medical office building sold in North Jersey
NAI Hanson's Lizzack-Horning arrange sale to 'major' health system
Jessica Perry//September 22, 2022//
63K-square-foot medical office building sold in North Jersey
NAI Hanson's Lizzack-Horning arrange sale to 'major' health system
Jessica Perry//September 22, 2022//
Listen to this article
Where patients receive care is changing as health care systems expand their footprints and invest in sites, like ambulatory or urgent care centers, outside the traditional hospital setting. In North Jersey, a sale negotiated by NAI James E. Hanson follows that trend.
Vice Presidents Darren Lizzack and Randy Horning arranged the off-market sale of a 63,000-square-foot medical office building located on 2.09 acres at 855 Valley Road in Clifton. Neither the financial terms of the transaction nor the buyer were disclosed, however, according to NAI Hanson, the site was purchased by a “major regional health care system.”
Team Lizzack-Horning represented the unnamed buyer in the transaction with Bliss Valley Associates LLC, the seller.
According to NAI Hanson, the buyer plans to construct a 20,000-square-foot outpatient surgery center on the top floor of the four-story building. The balance of the space will be leased out, with Team Lizzack-Horning tapped to oversee the assignment for the property’s available 43,000 square feet.
“Northern New Jersey continues to see an unbelievable amount of competition for well-maintained and easy-to-access medical office spaces,” Lizzack said in a statement. “In such a tight market, we knew that identifying an off-market deal would be the only way we could help our client find a building that met its needs. We’re proud to have been able to provide a solution for our client that will allow them to extend their reach and provide its valuable services to the local community.”
According to NAI Hanson, in the past 18 months Team Lizzack-Horning has closed more than 60 deals totaling over $78 million.
