Colliers announced Monday it has arranged the sale of a 32,226-square-foot multi-tenant medical and office property in Rutherford for $6.9 million.
The building, at 71 Union Avenue, is one of the few in walking distance to the train station and downtown area that best accommodates smaller tenants.
The seller is a private entity affiliated with Aspen Advisors and the purchaser remains unnamed.
Colliers Executive Managing Director Jacklene Chesler said the property endured well during the pandemic due to its unique position within the market that caters to smaller, entrepreneurial tenants and medical practitioners.
“The medical office sector, combined with buildings that serve smaller, short-term tenancy, has been one of the most crucial and fastest growing throughout the pandemic,” she said. “As demand continues to outpace supply, identifying quality medical office investment opportunities has become a valuable skill.”
The property is situated in a prime location in Bergen County, a highly dense and affluent Northern New Jersey area. The property provides convenient travel options to and from New York City, as it is ideally positioned just 11 miles from the Lincoln Tunnel, 13.8 miles from the Holland Tunnel and 0.3 miles from the Rutherford Train Station, with direct access to Penn Station. The location is also situated near major New Jersey roadways including the New Jersey Turnpike and the Garden State Parkway.
The location is also a short drive to two major entertainment hubs in northern New Jersey. It is located just three miles from MetLife Stadium, home of the New York Giants and New York Jets. It is also located near the recently opened American Dream, North America’s largest entertainment, recreation, and retail complex.