Colliers successfully brokered the lender-owned (REO) sale of 555 Kinderkamack Road, a two-story, approximately 29,300-square-foot medical office building situated on 2.13 acres in Oradell.
The buyer, a partial owner-user, acquired the property to occupy a portion of the building while maintaining the existing medical tenancy. The transaction was completed in coordination with a Ten-X auction platform by the Colliers team, led by Vice Chair Jacklene Chesler, Senior Vice President Patrick Norris, and Team Transaction Manager Brittany Leventoff.
At the time of marketing, the facility was approximately 78% leased to three established medical providers, including a surgical center, a radiology center, and a dental practice. Successfully closing the REO asset required navigating a tight timeline, a non-negotiable contract, and an at-risk deposit.
Despite these complexities, the competitive marketing campaign generated significant interest, drawing more than 30 property tours and 17 registered bidders. The property ultimately sold for 120% of its reserve price, highlighting robust market demand for healthcare real estate that pairs steady in-place income with owner-user flexibility.
“This transaction required a thoughtful and coordinated approach given the property’s REO status and the tight timeline to close…” Jacklene Chesler, vice chair at Colliers said. “Through the Ten-X auction process, we identified a partial owner-user that recognized the value of the existing medical tenancy and the opportunity to occupy a portion of the building.”
The successful sale underscores sustained investor and user appetite for well-positioned medical office buildings across New Jersey. Building on this momentum, Colliers is currently marketing several additional lender-owned and REO medical assets across the state—including properties in Roseland, Jersey City, and Glen Rock slated for Ten-X auctions in late October—as well as a non-auction medical office investment opportunity in Bound Brook
