CBRE today announced the $20 million sale of the Bergen Medical Center located at 1 West Ridgewood Avenue in Paramus, NJ. The buyer, a private investor, acquired the 75,000-sq.-ft. medical office property from the Eye Institute of New Jersey.

The CBRE team of Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate represented the Eye Institute of New Jersey in the sale and procured the buyer.

Built in 1988, Bergen Medical Center sits on approximately five acres in one of the County’s health care arteries,off Route 17. The property is in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center.

"The purchaser will benefit from bringing managerial efficiencies to the building that will better serve the tenants, as well as improve the overall performance of the asset,” noted Mr. Gambuzza. “The property provides the ideal value-add opportunity for the new ownership to lease vacant space and increase NOI through its hands-on management approach.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.