Medical Office Building Trades Hands

WEST ORANGE, NJ-Brooklyn, NY-based Kalmon Dolgin Affiliates Inc. has arranged the sale of a three-story, 16,000 square-foot medical professional office building here at 470 Prospect Ave. for $1.9 million. Neil Dolgin, executive vice president of KDA, represented both the buyer, 470 Prospect Avenue LLC, and seller West Orange Investment LLC in this transaction.

The property is 100% occupied with upside potential due to some below market rents. Long-term tenants of the 15 office suites consist of doctors, physical therapists, medical billing companies, counselors and insurance offices. The building also offers on-site parking and convenient access to the 350,000-square-foot Essex Green Shopping Center directly across the street.

“With a cap rate of 9%, this property offers tremendous upside potential for the new owners, an investment group with a long-term plan for the asset,” Dolgin says.

The 105-year-old KDA provides brokerage and management services, and has acquired $300 million of its own real estate assets within the past year alone, primarily industrial and medical/office properties.