Cushman & Wakefield arranged the sale of Oak Hill Park, a 122,600-square-foot office and medical park in Wayne, for $22.25 million, according to a Monday announcement.
Cushman & Wakefield’s Frank DiTommaso, David Bernhaut, Andy Merin, Gary Gabriel and Seth Zuidema represented the seller, Chopp Holdings. Cushman & Wakefield leasing experts Jerry Shiffrin, Frank Maldonado and Dan Johnsen were also involved in the transaction and acquisition financing was arranged by Brad Domenico of Progress Capital.
“Oak Hill Park is a perfect example that right-sized, well-located properties with a diverse tenant mix are still commanding solid investor interest despite current challenges in the capital markets,” DiTommaso said. “Oak Hill Park has benefited from over 55,000 square feet of new and renewal leasing activity in the last 24 months, and ownership will continue to implement a hands-on leasing approach to enhance the existing and future medical-tenancy at the property.”
Oak Hill Park is a Class A medical and office park totaling 122,600 square feet across two recently renovated buildings. The property was delivered 95% leased to over 30 tenants, with a 42% medical tenant base. Select medical practices include pediatrics, foot and ankle specialists, neurology, spine orthopedics, dentistry, plastic surgery and more.
Located at located at 1680-1700 Route 23 N., Oak Hill Park is within walking distance to an array of retail, dining and entertainment options. The property is less than five minutes from Interstates 80 and 287, allowing for easy access to the surrounding neighborhoods.