April 13, 2020 Comments Off on Developer Trades West Orange MOB in 1031 Deal Views: 495 New Jersey, New York News, Tri-State Area New York

Developer Trades West Orange MOB in 1031 Deal

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Developer Atkins Companies has sold Atkins Medical Plaza, a 38,500-square-foot medical office building at 1500 Pleasant Valley Way in West Orange, NJ, for an undisclosed sum. The private buyer was represented by Marcus & Millichap VPs Alan Cafiero and Ben Sgambati, as well as senior associate David Cafiero.

Situated at the crossroads of Pleasant Valley Way and Northfield Avenue in West Orange, Atkins Medical Plaza is a 90% leased Class A medical office building constructed by Atkins in 2001. Atkins has served as general partner for the acquisition, development, financing, leasing, and management of the property from inception.

“There is a significant demand for well-located medical buildings in northern New Jersey,” said Alan Cafiero. “We were representing a 1031 exchange buyer who was looking to mitigate their risk with a multi-tenant building that wouldn’t be compromised in a downturn. 1500 Pleasant Valley Way was a perfect match for their exchange.”

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