Colliers said Aug. 9 that it arranged the sale of a multi-tenant medical and office property located at 71 Union Ave. in Bergen County.
A Colliers team led by Executive Managing Director Jacklene Chesler, along with Managing Director Matthew Brown and Associate Director Patrick Norris, exclusively marketed the property and completed the transaction. The seller is a private entity affiliated with Aspen Advisors and the purchaser remains unnamed.
71 Union Ave. is a 32,226-square-foot building located in Rutherford. The building is one of the few in walking distance to the train station and downtown area that best accommodates smaller tenants.
The property endured well during the pandemic due to its unique position within the market that caters to smaller, entrepreneurial tenants and medical practitioners.
“The medical office sector, combined with buildings that serve smaller, short term tenancy, has been one of the most crucial and fastest-growing throughout the pandemic. As demand continues to outpace supply, identifying quality medical office investment opportunities has become a valuable skill,” said Chesler. “Our team’s extensive market knowledge allowed us to arrange a sale that will benefit all parties in both the near and long term.”
“The Colliers Investment Sales Team did an exceptional job in running a process that garnered a number of qualified offers with strong pricing and terms. In the end to have an all-cash buyer that waived DD and posted a significant at-risk deposit exceeded our expectations and is why we continue to work with Chesler and Team,” said Alex Reizner of Aspen Advisors.
71 Union Ave. is located in proximity to New York City, ideally positioned just 11 miles from the Lincoln Tunnel, 13.8 miles from the Holland Tunnel and 0.3 miles from the Rutherford Train Station, with direct access to Penn Station. The location is also situated near major New Jersey roadways including the New Jersey Turnpike and the Garden State Parkway.
It is a short drive to two major entertainment hubs in northern New Jersey: just 3 miles from MetLife Stadium, home of the New York Giants and New York Jets; and located near the recently opened American Dream, North America’s largest entertainment, recreation and retail complex.