Medical office building (that could be surgery center) has been sold

A medical office building in Oradell with capability for a surgery center has been sold, according to real estate firm Colliers.

The property at 690 Kinderkamack Road is a multitenant medical office property that includes a medical gurney elevator and has been granted zoning variance for a surgical center with five operating rooms, the real estate firm said in a news release. Neither the buyer nor the seller was disclosed.

The team of Jacklene Chelser, executive managing director, Matthew Brown, managing director, and Patrick Norris, associate director, handled the sale of the 55,317-square-foot property.

“Throughout the pandemic, medical real estate has continued to perform well,” Chesler said in a prepared statement. “Investors have viewed the sector as a relatively safe and durable investment, even over the course of the last 15 months, as health care became one of the most essential sectors in 2020.

“Demand for medical office space is outpacing supply, as conversion of other spaces into medical office buildings can be complicated due to the specific space needs of physicians. I’m proud of our team for identifying and securing the perfect buyer for the property.”