April 20, 2020
The Allwood Medical Campus, a three-building, 160,349-square-foot medical office campus in Clifton, NJ, has changed hands. The property sold for $45 million.
Fahri Ozturk and Richard Gatto of Marcus & Millichap’s 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.”
Gatto added, “This sale continues to demonstrate that we are seeing more private clients transact in the institutional grade properties.”
Built in the mid-1980s, Allwood Medical Campus underwent recent renovations. It was 100% occupied at the time of sale.
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