CBRE announced Thursday it has completed the $20 million sale of the Bergen Medical Center in Paramus.
The buyer, a private investor, acquired the 75,000-square-foot medical office property located at 1 West Ridgewood Ave. from the Eye Institute of New Jersey.
Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate of CBRE represented the Eye Institute of New Jersey in the sale and procured the buyer.
The center sits on about 5 acres off Route 17 and is within close proximity to 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.”