Bergen County Medical Office Property Changes Hands in $4.4 Million Investment Deal
A private investor paid roughly $4.4 million for a three-story medical office facility in Westwood, New Jersey, indicating continuing demand for healthcare real estate in the state.
The 33,277-square-foot facility at 400 Old Hook Road in Westwood is 70% leased to healthcare tenants. The transaction shows investor interest in medical office assets, particularly in Bergen County’s proven healthcare corridors.
Cushman & Wakefield coordinated the transaction and financing. Buyer identity was concealed. A Feb. 10 statement said 400 Old Hook Owner LLC marketed the building.
Transaction real estate pros called the property a good long-term investment. Medical office buildings are one of the most stable commercial real estate segments, especially in New Jersey. Due to patient traffic and physician networks, sites near major healthcare institutions enjoy steady tenant demand, say experts.
The building’s position is advantageous. One of Bergen County’s busiest medical corridors, Hackensack Meridian Health’s Pascack Valley Medical Center is less than half a mile away. Physician, specialist, and outpatient office space is frequently more desirable near a big hospital system.
About 30% of the building is unoccupied. Real estate advisors involved in the sale believe the remaining space can be rented quickly. With strong healthcare demand in the region, the new owner may focus on improving occupancy, which might boost rental income and property value.
Andrew Schwartz, Jordan Sobel, André Balthazard, and Dan Bottiglieri of Cushman & Wakefield’s Private Capital Group marketed the asset for the seller. The Equity, Debt & Structured Finance team’s Brian Anderson and Eddie Miro financed the acquisition.
Private investors have recently focused on medical office investments due to their steady tenant base and reduced volatility than other commercial property types. Healthcare services are in need regardless of economic upheavals, making them attractive for long-term portfolio growth.
This sale shows sustained trust in Bergen County’s healthcare system and real estate market. Properties like 400 Old Hook Road may attract investors as healthcare institutions expand outpatient and community-based care.
The roughly $4.4 million purchase shows how strategically located medical office buildings compete in New Jersey’s commercial property market. New owners take over the Westwood building, which has existing tenants and space for more healthcare providers.
Sources:
Cushman & Wakefield Official Statement (Feb. 10 Release)
