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Marcus & Millichap Inc.
06/28/2024 | Press release | Archived content
Marcus & Millichap Sells Medical Office Building in Northern New Jersey for $13.5 Million
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Marcus & Millichap Sells Medical Office Building in Northern New Jersey for $13.5 Million
June 28, 2024
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LIVINGSTON, N.J., June 28, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a medical office building in Livingston, New Jersey, for $13.5 million.
"Medical office buildings are one of the most highly sought-after products in the market, given how resilient the majority of tenants are," said Alan Cafiero, senior managing director investments. "Properties on or near a hospital campus typically attract the most interest in the marketplace. This property is located just half a mile from Cooperman Barnabas Medical Center."
Alan Cafiero, Brian Kaplan, David Cafiero, and Dean Matuszewicz, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller, a local New Jersey-based partnership. The buyer, a New York-based LLC, was procured by Alan Cafiero and Joe Koicim, investment specialist from the firm's New York office.
"I identified a buyer from NYC who had sold a prime Upper East Side corner property and was looking to reinvest in a medical office building in New Jersey to complete their exchange," said Joe Koicim. "Leveraging the strength and extensive network of the Marcus & Millichap platform, I collaborated with Alan Cafiero to source these opportunities, and together we facilitated a seamless transaction for both the buyer and seller."
Located at 315 E. Northfield Road, the three-floor, 34,599-square-foot medical office building hosts a variety of medical practices and offices. The office building is positioned in a residential community near other medical and professional offices, making it a hub for healthcare services in the area.
"Medical office buildings are one of the most highly sought-after products in the market, given how resilient the majority of tenants are," said Alan Cafiero, senior managing director investments. "Properties on or near a hospital campus typically attract the most interest in the marketplace. This property is located just half a mile from Cooperman Barnabas Medical Center."
Alan Cafiero, Brian Kaplan, David Cafiero, and Dean Matuszewicz, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller, a local New Jersey-based partnership. The buyer, a New York-based LLC, was procured by Alan Cafiero and Joe Koicim, investment specialist from the firm's New York office.
"I identified a buyer from NYC who had sold a prime Upper East Side corner property and was looking to reinvest in a medical office building in New Jersey to complete their exchange," said Joe Koicim. "Leveraging the strength and extensive network of the Marcus & Millichap platform, I collaborated with Alan Cafiero to source these opportunities, and together we facilitated a seamless transaction for both the buyer and seller."
Located at 315 E. Northfield Road, the three-floor, 34,599-square-foot medical office building hosts a variety of medical practices and offices. The office building is positioned in a residential community near other medical and professional offices, making it a hub for healthcare services in the area.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.