CBRE completes $20 million medical center sale in Paramus
CBRE said it recently closed on the $20 million sale of the Bergen Medical Center located at 1 W. Ridgewood Ave. in Paramus. The buyer, a private investor, acquired the 75,000-square-foot medical office property from the Eye Institute of New Jersey.
The CBRE team of Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate represented Eye Institute of New Jersey in the sale and procured the buyer.
Sitting on approximately five acres just off Route 17, the Bergen Medical Center is near Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center.
“The purchaser will benefit from bringing managerial efficiencies to the building that will better serve the tenants, as well as improve the overall performance of the asset,” Gambuzza said. “The property provides the ideal value-add opportunity for the new ownership to lease vacant space and increase NOI through its hands-on management approach.”
Terreno Realty closes on industrial property in Carlstadt for $4M
Terreno Realty Corp. announced it acquired an industrial property in Carlstadt for $4 million.
Located at 51 Kero Road, the entire property is leased to one tenant. The newly acquired, 2-acre purchase is adjacent to properties it already owns at 50 and 100 Kero Road, less than two miles north of the Meadowlands Sports Complex and Exit 16W of the New Jersey Turnpike.
The San-Francisco-based realty corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.
NorthMarq arranges $8M financing for Newark office property
NorthMarq said the senior vice president of its Long Island office, Charles Cotsalas, arranged $8 million in financing for an office property located at 31 Clinton St. in Newark.
The subject property is a 12-story office building occupied since 1991 by the State of New Jersey, Office of the Public Defender and recently extended its lease for another 15 years.
NorthMarq arranged financing in the form of 15-year, self-liquidating fixed-rate loan at 3.72 percent, for the borrower through its relationship with one of its correspondent life insurance companies.
John McDonagh, principal at Clatter Realty, acted as the mortgage broker.
The proceeds will be used for improvements including a new elevator, roof and HVAC control system, and facade repairs. The correspondent life company has maintained the collateral on their books for more than 20 years.