Atkins Cos., a commercial real estate firm, announced on Monday the sale of a Class A medical office building in West Orange.
The Atkins Medical Plaza is comprised of 38,500 square feet and located at 1500 Pleasant Valley Way. It is within close proximity to Interstate 280 and Route 10 as well as the Garden State Parkway.
Marcus & Millichap’s Alan Cafiero and Ben Sgambati, vice presidents, and David Cafiero, senior associate, represented the private buyer. The deal was overseen by Jim McGuckin, regional manager, and Brian Hosey, broker of record, of the firm’s New Jersey office.
“There is a significant demand for well-located medical buildings in northern New Jersey,” Alan Cafiero, senior vice president, investments at Marcus & Millichap, said. “Investors are looking for recession proof assets that can withstand a shakeup in the global market. We were representing a 1031 exchange buyer who was looking to mitigate their risk with a multi-tenant building that wouldn’t be compromised in a downturn. 1500 Pleasant Valley Way was a perfect match for their exchange.”
The plaza, which was constructed by Atkins in 2001, is currently 90% leased to a variety of health care providers and specialists. The sale represents a successful 20-year investment in the property by Atkins, it said.