Cushman & Wakefield on November 28 announced that it arranged the sale of a medical office building portfolio in Wayne, New Jersey, that sold for $22.25 million. Cushman & Wakefield represented the seller Chopp Holdings. The buyer was undisclosed.
Oak Hill Park is a Class A medical and office park totaling 122,600 square feet across two buildings. The property is 95% leased to more than 30 tenants, with a 42% medical tenant base. Medical practices include pediatrics, foot and ankle specialists, neurology, spine orthopedics, dentistry, plastic surgery and more. The price was $181 per square foot.
According to the LevinPro HC database, this acquisition marks the 193rd medical office building (MOB) transaction of the year. Compared to the same period in 2021 (January 1 through November 29), this represents a 47% increase compared to the 131 MOB deals that were announced.
