Oak Hill Park has sold to Chopp Holdings for $10.8 million.
CBRE Institutional Properties, in collaboration with Robert L’Abbate of CBRE Capital Markets and Brian Godau of CBRE’s Advisory & Transaction Services, represented the seller, Grove Associates, and found the buyer for the building along Route 23 in Wayne.
Oak Hill Park consists of two glass facade office buildings totaling 122,426 square feet that are 82 percent leased to a stable and diverse tenant base of medical and professional services companies. Anchored by Merrill Lynch and North Jersey Spine, the property has 30 tenants.
“Oak Hill Park provides stable cash flow along with an excellent rebranding opportunity to improve the lobby, lighting and common areas,” Dunne said. “This coupled with an average tenant size of 3,342 square feet offers limited downside with good upside from further leasing and rent growth.”