66 Park St LLC Acquires Montclair Office Building For $7.3M

The property involved in this transaction is located at 66 Park Street in Montclair, NJ. It is an office building with a total area of 16,160 square feet. The sale took place on April 12, 2021, and the property was purchased by 66 Park St LLC from the seller, 66 Park JV LLC, for a total price of $7,300,000. The price per square foot for this transaction was $452.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $7,300,000
• Address: 66 Park Street, Montclair, NJ
• Square Footage: 16,160
• Buyer: 66 Park St LLC
• Seller: 66 Park JV LLC
• Brokers: Chez Eider - @NJ_CRE, Alan Cafiero, Ben Sgambati & David Cafiero - @CafieroSgambatiTeam

According to Chez Eider, there was great collaboration among the team involved in this deal. Despite the perception that employees are not returning to the office, there is still a demand for cash-flowing office investments. This could be attributed to the preference for in-person medical office visits and the need for teams to collaborate effectively. Montclair's premier demographics and proximity to major highways and New York City also make it an attractive location for investors.

The property is a rare 100% occupied medical office building and is located just three blocks from Montclair's Central Business District. All tenants in the building have annual rent increases, and the buyer is a local entity. The financing for the transaction was provided by a community bank.

Overall, this transaction showcases the continued demand for office investments and the resilience of certain property types, such as medical offices, during the COVID recovery period.