JLL assists Procida Funding in trade of medical office building in Hackensack

JLL on Thursday said it helped sell a 15,000-square-foot, Class A medical office building at 146 Rt. 17 in Hackensack for $3.7 million.

JLL represented the seller, Procida Funding & Advisors. Jaime Zimmel, of Zimmel Associates, represented the undisclosed purchaser.

Situated on Route 17 near Interstate 80, the four-story property was built in 2006 and has historically operated as a medical office, built out with a surgical center as well as back office and patient rooms on the upper floors. The building, which offers 48 surface parking spaces, was delivered vacant.

The JLL brokerage team representing the seller included Senior Vice President Brendan McBride and Associate Vice President Nicolas DeCotiis.

“As merger & acquisition activity continues to drive demand for modern medical office space in New Jersey, the buyer is positioned to capitalize on the property’s location within a major population center with a move-in-ready facility offering easy access and tremendous visibility,” DeCotiis said.

According to a recent report from JLL, medical office buildings have seen relentless demand and remain one of the most resilient commercial real estate property types. Investors have come to view the sector as a critical alternative asset class.