Marcus & Millichap announced the sale of the Allwood Medical Campus, a three-building, 160,349 s/f medical office campus in Clifton, New Jersey, for $45 million.
Fahri Ozturk and Richard Gatto of Ozturk Gatto Group represented the seller and procured the buyer. Seller and buyer were both private clients.
“We were very pleased to work with the seller on the disposition of the three building Medical Campus” Ozturk said.
“The seller was able to take advantage of the market’s strong demand for medical office properties that offer stable cash flow with future upside in rents.”
“Allwood Medical Campus provided the buyer with an exceptional opportunity to acquire a 100 percent leased property with strong in-place cash flow secured by several reputable medical tenants,” Gatto added.
Built in the mid 80’s Allwood Medical Campus underwent recent renovations including upgraded HVAC systems, elevators, and roof.
The campus is inside New Jersey’s life sciences corridor.
