Cushman & Wakefield arranges $16M sale of medical office building in Clifton

Cushman & Wakefield on Thursday said it arranged the sale of 1135 Broad St., a 62,535-square-foot medical office building located in Clifton. The final sale price was $16 million.

Cushman & Wakefield’s Frank DiTommaso, David Bernhaut, Gary Gabriel and Max Helfman represented the seller, First Equity Development Co., in the transaction. The property was acquired by a joint venture between Florida-based Rendina Healthcare Real Estate and Artemis Partners.

“Medical office buildings in the tri-state area remain in extremely high demand, and 1135 Broad St. was no exception, garnering attention from both national and local buyers, resulting in a highly competitive marketing and bid process,” DiTommaso stated. “This property is situated in one of the most fundamentally sound medical submarkets in northern New Jersey, with Clifton being densely populated, highly accessible and boasting a sub-2% vacancy rate across local competition.”

1135 Broad St. is 100% leased to 10 tenants, including many of the region’s well-known medical providers, such as Children’s Specialized Hospital, St. Joseph’s and Select Medical/Kessler, among others.

Situated directly off Route 3 and the Garden State Parkway, the property is located 1.5 miles from Montclair State University, 2.5 miles from Hackensack Meridian School of Medicine, 3 miles from both St. Mary’s Hospital and St. Joseph’s Main Campus and 4.5 miles from Mountainside Medical Center, among others.