Marcus & Millichap sells medical office building in Livingston for $13.5M

Marcus & Millichap announced it sold a medical office building in Livingston recently for $13.5 million.

Alan Cafiero, Brian Kaplan, David Cafiero and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a local New Jersey-based partnership. The buyer, a New York-based LLC, was procured by Cafiero and Joe Koicim, investment specialist from the firm’s New York office.

“Medical office buildings are one of the most highly sought-after products in the market, given how resilient the majority of tenants are,” Cafiero said. “Properties on or near a hospital campus typically attract the most interest in the marketplace. This property is located just half a mile from Cooperman Barnabas Medical Center.”

“I identified a buyer from NYC who had sold a prime Upper East Side corner property and was looking to reinvest in a medical office building in New Jersey to complete their exchange,” Koicim said. “Leveraging the strength and extensive network of the Marcus & Millichap platform, I collaborated with Alan Cafiero to source these opportunities, and, together, we facilitated a seamless transaction for both the buyer and seller.”

Located at 315 E. Northfield Road, the three-floor, 34,599-square-foot medical office building hosts a variety of medical practices and offices. The office building is positioned in a residential community near other medical and professional offices, making it a hub for health care services in the area.