Salomon & Gralla of Kislak broker sale of Ironbound Medical Center for $4.25 million
NEWARK, NJ — The Kislak Company, Inc. announced the recent $4.25 million sale of the Ironbound Medical Center, a 37,500 s/f medical office building located at 119-137 Clifford St. in the heart of the Ironbound section of Newark. Kislak marketed the property on an exclusive basis. Sales associate Michael Salomon represented the seller, Ironbound Medical, LLC, and sales associate Julie Gralla represented the purchaser, FSG Mazel, LLC. The fully-occupied professional medical building has strong tenants including Ironbound MRT Clinic, Lafayette Chiropractic Center, St. Justine Nursey and many others. The property includes on-site fenced parking for 40 cars. “This transaction exemplifies the strength of the commercial real estate market in Newark, especially in the Ironbound section,” said Salomon. The newly renovated building has undergone extensive capital improvements including a $1,000,000-plus gut renovation of the top and bottom floors, and half of the lobby. Approximately three miles from Newark Liberty International Airport, it is a prime location in the desirable Ironbound section of Newark. Newark Penn Station, about 1.6 miles away, is a hub for trains, buses, and light rail only a short ride to New York City and a monorail to the airport, among other destinations.