Triple-net leased medical office properties sell for $7M

The Riverside Medical Office Portfolio houses the Riverside Medical Group, a part of Optum and a subsidiary of United Healthcare in Lyndhurst, Teaneck and Voorhees. SDM Futures LLC acquired that package of properties — four, long-term, triple net-leased medical condos and one freestanding medical building — for $7.04 million.

CBRE announced the sale May 12, with Charles Berger and Elli Klapper of that firm’s Investment Properties team, in addition to Samuel Bernhaut of Advisory & Transaction Services, leading the marketing efforts and arranging the sale on behalf of SDM.

Berger, Klapper and Bernhaut also procured the undisclosed buyer.

“This Riverside Medical Portfolio provided the buyer with an opportunity to own stabilized medical properties that are triple net-leased and offer exceptional returns, especially given the national malaise affecting the office market segment,” said Berger. “Medical space is the hot product currently and one of the best investments in New Jersey. In addition to the great locations and quality of the medical space, the buyer was also able to lock in a good interest rate before the bump in debt markets.”

The Riverside Medical Office Portfolio includes: 736 Page Ave. in Lyndhurst, 870 Palisades Ave. in Teaneck and 705 White Horse Pike in Voorhees.