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New York & Tri-State  + New Jersey  + Office  |  April 13, 2020
Paul Bubny
By: Paul Bubny

Developer Trades West Orange MOB in 1031 Deal

Developer Atkins Companies has sold Atkins Medical Plaza, a 38,500-square-foot medical office building at 1500 Pleasant Valley Way in West Orange, NJ, for an undisclosed sum. The private buyer was represented by Marcus & Millichap VPs Alan Cafiero and Ben Sgambati, as well as senior associate David Cafiero.

Situated at the crossroads of Pleasant Valley Way and Northfield Avenue in West Orange, Atkins Medical Plaza is a 90% leased Class A medical office building constructed by Atkins in 2001. Atkins has served as general partner for the acquisition, development, financing, leasing, and management of the property from inception.

“There is a significant demand for well-located medical buildings in northern New Jersey,” said Alan Cafiero. “We were representing a 1031 exchange buyer who was looking to mitigate their risk with a multi-tenant building that wouldn’t be compromised in a downturn. 1500 Pleasant Valley Way was a perfect match for their exchange.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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