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CBRE completes sale of Oak Hill Park in Wayne

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CBRE's team of Jeffrey Dunne, Jeremy Neuer and Travis Langer of CBRE Institutional Properties recently completed the sale of a 122,426-square-foot building in Wayne, the firm announced.

Chopp Holdings, the seller, purchased the property, Oak Hill Park for $10.8 million. The property is anchored by Merrill Lynch and North Jersey Spine and is 82 percent leased.

“Oak Hill Park provides stable cash flow along with an excellent rebranding opportunity to improve the lobby, lighting and common areas,” Dunne said. “This coupled with an average tenant size of 3,342 square feet offers limited downside with good upside from further leasing and rent growth.”

The property is located on Route 23 and is a part of the Paterson/Wayne submarket.

CBRE Institutional Properties is also marketing properties in Bridgewater, Morristown and Edison.

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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