ROSELAND, NJ–CBRE arranged the $7 million sale of 556 Eagle Rock Avenue in Roseland, NJ to Hajjar Medical Office Building of Roseland. CBRE's Randy Eigen, first vice president, represented the buyer and the seller, PBE Companies, in the transaction. CBRE also has been retained to lease 13,573 available square feet of the 70-percent occupied property.

The three-story, octagonal-shaped office building houses a number of medical services tenants. Its largest tenant, the Special Surgery Center of Essex County, is on the ground floor of the property and has five operating rooms onsite.

“556 Eagle Rock Avenue is a top-of-the-line medical real estate product in the heart of Roseland,” says Eigen. “Its new owner, HMOB, has deep experience in healthcare real estate and its purchase of this asset offered an ideal opportunity to expand its portfolio in the Northern New Jersey market and its presence in a region that has seen a great deal of recent activity in the medical sector.”

HMOB has committed to enhancing the 42,150-sq.-ft. building through various capital improvements. Initial renovations will include the resurfacing of the property's parking lot and the addition of automated entry doors. HMOB has extensive experience in healthcare real estate, with a roster of properties that house ambulatory surgery centers and multi-specialty physician practices.

“The acquisition of 556 Eagle Rock Avenue represents the 15th building in our rapidly growing medical building portfolio, with our heaviest concentration of real estate to date having been in Bergen County,” says Barton Schack, investment officer, Real Estate for HMOB's management and advisory company. “Roseland represents another step forward in our plan to aggressively invest in first-class medical buildings in the tristate area which specifically catering to the specialized needs of the medical industry.”

The property is at the Eisenhower Parkway exit of Route 280, with convenient access to St. Barnabas Hospital and a wide array of retail amenities.