A 9,914-square-foot dental condominium in Paramus sold for $5,050,000. Award-winning commercial real estate brokerage Matthews facilitated the transaction for the property located at 81 Route 4, Suite 201. Currently, the fee-simple dental condominium is leased to Paradigm Oral Health, a dental care provider with more than 75 outlets nationwide. According to Matthews, the dental condo is the largest in New Jersey.
The Matthews team of Vice President Seamus O’Brien, First Vice President & Associate Director Thor St. John, Senior Vice President & Senior Director Michael Moreno and Senior Vice President & Senior Director Rahul Chhajed handled the marketing process for the Paramus property on behalf of the seller. Per Matthews, the transaction was a square-footage record-setter for healthcare properties sold in the Route 4/17 submarket over the last two years.
Matthews procured the opportunity to rep the seller through direct outreach and secured the buyer. Paradigm recently executed a lease with the seller, which guaranteed the buyer a stabilized income profile. The in-place cash flow, long-term lease, and 2% annual rent increases were all further incentives for the purchaser.
Recent New Jersey policy changes added $200,000 in closing costs to the seller. To navigate this complication, Matthews worked with both parties during escrow to adjust the deal and keep them at the table. The buyer had a year-end deadline, and Matthews was able to close escrow within 60 days.
