Radiological Center Sells for $3M

UNION, NJ-The two-building, 9,400-sf property at 439 and 441 Chestnut St. here has been sold for just less than $2.9 million, or approximately $303 per sf. The asset is fully occupied by Modern Medical Modalities Corp., a publicly traded company that operates a radiological center on-site and is also headquartered at the property.

Both the buyer and seller were represented in the transaction by Tom Skobo, a broker with the locally based Brounell & Kramer Realtors. The sellers were Marvin and Janice Teitelbaum; the unidentified buyer was “a prominent investor in properties throughout Union and Essex counties,” Skobo tells GlobeSt.com.

“The stable, long-term net lease in place for the medical imaging center and administrative offices of Modern Medical enabled the purchaser to obtain an annual return in excess of 8% of his investment,” Skobo says.