The Riverside Medical Office portfolio was sold to SDM Futures for $7.04 million, according to a Thursday announcement from CBRE. The assets include four long-term, triple net-leased medical condos and a freestanding medical building situated throughout New Jersey.
Charles Berger and Elli Klapper of CBRE Investment Properties, along with Samuel Bernhaut of Advisory & Transaction Services, spearheaded the marketing campaign and arranged the sale on behalf of the seller. The team also procured the buyer.
“This Riverside Medical Portfolio provided the buyer with an opportunity to own stabilized medical properties that are triple net-leased and offer exceptional returns, especially given the national malaise affecting the office market segment,” Berger said. “Medical space is the hot product currently and one of the best investments in New Jersey. In addition to the great locations and quality of the medical space, the buyer was also able to lock in a good interest rate before the bump in debt markets.”
Located throughout Teaneck, Lyndhurst and Voorhees, the Riverside Medical Portfolio houses the Riverside Medical Group, a part of Optum and a subsidiary of United Healthcare.
The portfolio includes 736 Page Ave. in Lyndhurst, three contiguous condos at 870 Palisades Ave. in Teaneck, and 705 White Horse Pike in Voorhees.