A 151,339-square-foot medical/office building in Fairlawn, New Jersey, has sold for $22 million.
Located along Route 208, the three-story property was built in 1986 and is anchored by Summit Health, which consolidated five area sites and practices at this location. The property’s ownership recently completed a multimillion-dollar renovation that includes a new roof, renovated common areas and lobby, new elevators and grounds work.
CBRE (NYSE: CBRE) represented the seller, Keystone Development + Investment, and procured the buyer, Atkins Companies. CBRE Vice Chairman Jeff Dunne stated the property “provides new ownership with stable cash flow and the potential to convert the remaining office space to medical use, given the strong medical market and easy accessibility from affluent neighboring towns such as Franklin Lakes, Ho-Ho-Kus, Ridgewood and Wyckoff.”
