August 9, 2019
CBRE finalized the $20-million sale of the Bergen Medical Venter at 1 W. Ridgewood Ave. in Paramus, NJ. The buyer, a private investor, acquired the 75,000-square-foot medical office building from the Eye Institute of New Jersey.
The CBRE team of Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate represented the Eye Institute and procured the buyer.
Built in 1988, Bergen Medical Center sits on approximately five acres in one of the county’s healthcare arteries, off Route 17. It’s close to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center.
“The purchaser will benefit from bringing managerial efficiencies to the building that will better serve the tenants, as well as improve the overall performance of the asset,” said Gambuzza. “The property provides the ideal value-add opportunity for the new ownership to lease vacant space and increase NOI through its hands-on management approach.”
For comments, questions or concerns, please contact Paul Bubny