Kislak completes sale/partial lease-back of 48,000 s/f MOB
West Orange, NJ — The Kislak Company, Inc. announced the recent sale and partial lease back of a 48,000 s/f medical/office building at 622 Eagle Rock Ave. in West Orange, Essex County. Kislak represented the seller, New York Community Bank, a longtime client, on an exclusive basis with senior vice president Matt Weilheimer handling the assignment.Built in 1988, the three-story, multi-tenanted, class B medical/office building had multiple suites ranging in size from 700 s/f to 4,040 s/f at the time of marketing. “We were retained on an exclusive basis and were able to lease three suites and then complete the sale of the property. The demand for medical space in West Orange is very strong,” said Weilheimer.Current tenants have occupied the building on an average of over 10 years, with JAG One Physical Therapy being a major tenant along with Garden State Community Bank. The well-maintained property was owned and managed by the former landlord for 12 years.Located near the intersection of Eagle Rock Ave. and Pleasant Valley Way, the property is situated west of the downtown in one of West Orange’s four distinct neighborhoods which have become increasingly suburban in the last 10 years. Nearby, JP Morgan Chase Bank, Regal Bank and Valley National Bank have branches in an area with an already strong, local employment base.