Two-building medical, office park in Wayne sells for $22.25M

Oak Hill Park, a two-building medical and office park in Passaic County, recently sold for $22.25 million.

Cushman & Wakefield arranged the sale of the 122,600-square-foot complex located at 1680-1700 Route 23 N. in Wayne, the firm announced Nov. 28.

Financing for the deal was arranged by Progress Capital Partner Brad Domenico.

“Oak Hill Park is a perfect example that right-sized, well-located properties with a diverse tenant mix are still commanding solid investor interest despite current challenges in the capital markets,” Managing Director Frank DiTommaso said in a statement.

DiTommaso represented seller Chopp Holdings, which purchased the property in 2017 for $10.8 million, along with Executive Vice Chairs David Bernhaut, Andy Merin and Gary Gabriel and Senior Analyst Seth Zuidema.

“Oak Hill Park has benefitted from over 55,000 square feet of new and renewal leasing activity in the last 24 months, and ownership will continue to implement a hands-on leasing approach to enhance the existing and future medical-tenancy at the property,” DiTommaso added.

According to Cushman & Wakefield, leasing experts Senior Director Jerry Shifrin, Senior Associate Frank Maldonado and Executive Managing Director Dan Johnsen were also involved in the transaction. At the time of sale, the firm said the property was 95% leased to more than 30 tenants with a 42% medical base.

Oak Hill Park is located on Route 23, walking distance to various retail, dining and entertainment options, and less than five minutes from Interstates 80 and 287. The two Class A buildings recently underwent renovations, Cushman & Wakefield said.