Engel Oostdyk Acquires Medical Center In Sussex, NJ For $4.1M

Pavan M. Uttam and David Newman have successfully completed the sale of a Medical Center in Sussex, NJ. The property, located at 359 Rt 23, is a re-developed and re-tenanted facility. It includes Dental offices and a Physical Rehabilitation clinic, anchored by Walgreens. The Medical Center spans across 15,000 square feet and sits on a 2.77-acre lot. The sale price for this transaction was $4,065,000, resulting in a price per square foot of $271.

Summary of transaction details

• Property Type: Medical Center
• Transaction Amount: $4,065,000
• Address: 359 Rt 23, Sussex, NJ
• Market: Sussex, NJ
• Square Footage: 15,000
• Price per Square Foot: $271
• Acres: 2.77

In this transaction, the buyer of the Medical Center is Engel Oostdyk. The sellers of the property are Pavan M. Uttam and David Newman. The deal was facilitated by Matthew Gorman from CBRE, who acted as the broker. The involvement of these key individuals demonstrates their expertise in the medical real estate market and their ability to successfully negotiate and complete property transactions.

Note from the seller: Pavan M. Uttam and David Newman take pride in their re-development and re-tenancy efforts for the Medical Center in Sussex, NJ. Their work resulted in a fully occupied facility, featuring a range of healthcare services. The anchor tenant, Walgreens, further enhances the value and stability of the Medical Center.