Clifton Medical Complex Trades for $45M
The 160,349-square-foot three building medical campus was 100% leased at the time of sale.
CLIFTON, NJ—The three-building Allwood Medical Campus here has been sold to a private buyer for $45 million.
The deal was reported by brokerage firm Marcus & Millichap. The 160,349-square-foot three building medical campus was 100% leased at the time of sale.
Fahri Ozturk and Richard Gatto of the Ozturk Gatto Group of Marcus & Millichap represented the seller and procured the buyer. The brokerage firm did not identify the seller or the buyer but described both as private clients.
Ozturk says 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 adds that the deal provided the buyer with a fully-leased property with strong in-place cash flow secured by several reputable medical tenants. “This sale continues to demonstrate that we are seeing more private clients transact in the institutional grade properties” he says.
Built in the mid 1980s Allwood Medical Campus underwent recent renovations that included upgraded HVAC systems, elevators and roof.