Office Building In Bloomfield Sells For $1.67 Million

BLOOMFIELD, NJ — A medical office building in Bloomfield recently sold for $1.67 million.

Earlier this week, real estate firm Marcus & Millichap announced the sale of 265 Broad Street, a 12,000-square-foot medical office property located on a nearly half-acre lot. The seller was Generazio Associates.

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According to the firm, the four-story building has been anchored by the same tenant for 45 years. The property includes onsite parking and an elevator. It is close to Memorial Park, Bloomfield Green Historic District and Bloomfield High School.

Marcus & Millichap also announced two other recent sales in North Jersey:

• Fairfield – "150 Fairfield Road is a 7,500-square-foot single-tenant office property on a 0.48-acre lot. Crocitto exclusively marketed the property on behalf of the seller, Med Care. It sold for $900,000. The building is fully leased to Consensus Health, a leading urgent care and multi-specialty health care provider with more than 50 locations across New Jersey. The property is close to Essex County Airport and Highway 46."
• Rockaway – "300 West Main Street is a 2,154-square-foot office property on a 0.33-acre lot. Crocitto exclusively marketed the property on behalf of the seller, Elefant Financial, and procured the buyer, Rock Solid Contracting. The asset sold for $667,500. It was built in 1963 and was renovated in 2021. The space features multiple private offices, a bullpen area for collaborative work, a conference room, a basement and a parking lot. It is surrounded by residential properties close to Morris Hills High School and Donatoni Park."

"These transactions demonstrate the continued demand for well-located suburban office properties," said Stephen Crocitto, associate director investments in Marcus & Millichap's New Jersey office.

"We continue to see opportunities for both investors and owner-users as the market evolves," Crocitto said.

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