A 151,339-square foot medical/office building in Fair Lawn was sold to Atkins Cos. for $22 million, according to a Monday announcement from CBRE.
The CBRE team, comprising Jeff Dunne, Doug Rodio, Travis Langer and Dan Blumenkrantz, in collaboration with Brannan Knott and Chris Bodnar of CBRE’s U.S. Healthcare Capital Markets represented the seller, Keystone Development + Investment, and also procured the buyer.
Located at 17-17 Route 208, the property, which is anchored by Summit Health, sits adjacent to the Fair Lawn Promenade.
Ownership recently completed a multimillion-dollar renovation, including a new roof, renovated common areas and lobby, new elevators and grounds work.
“With the recent Summit Health lease, 17-17 provides new ownership with stable cash flow and the potential to convert the remaining office space to medical use, given the strong medical market and easy accessibility from affluent neighboring towns such as Franklin Lakes, Ho-Ho-Kus, Ridgewood and Wyckoff,” CBRE Vice Chairman Jeff Dunne said.
