Property History
Westwood Dermatology & Dermatologic Surgery Group, P.A was founded in 1967 and has been serving Bergen County and surrounding areas for over 50 years. All the practice’s physicians are board certified by the American Board of Dermatology and are fellows of the American Academy of Dermatology. The providers also serve on the faculty and staff at some of the finest medical centers in the country including Columbia College of Physicians and Surgeons, New York Presbyterian Hospital, New York University, Hackensack Medical Center, Hackensack Meridian Health at Pascack Valley as well as Hackensack Meridian School of Medicine.
The subject property was a build-to-suit construction for the tenant in 1991 and they have occupied the space ever since. The roof was recently replaced in 2018 and is under a warranty that includes the electric coils to melt snow/ice. Additionally, all HVAC units have been replaced in the last five years. There is a dedicated surgery suite that was completely renovated in 2014. Other recent improvements include a back-up generator which was installed at a cost of approximately $100,000. The property also features an electric car charging station.
The property is ideally positioned at a hard corner location with multiple points of ingress and egress. The site benefits from excellent visibility with more than 18,000 vehicles per day. Hackensack Meridian Health Pascack Valley Medical Center, a 128-bed hospital, is located half a mile away from the subject property. There are many medical facilities in the immediate area including DaVita Renal Center, OB/GYN Associates of Bergen County, Golub Orthodontics, Center for Women’s Health, Vanguard Medical Group and many more. Westwood is an affluent New York City suburb with the average household income exceeding $177,000. New York City is located approximately 12 miles away. The area is very densely populated with more than 248,000 people residing within five miles.
- NNN Lease with Attractive 2% Annual Rent Increases
- Long Standing Tenant with Successful Dermatology Practice
- Ideally Positioned ½ Mile from Hackensack Meridian Health Pascack Valley Medical Center | 128 Bed Hospital
- Low Turnover Risk Due to Large Capital Investment, Immobile Nature of Medical Fixtures, and the Need to Remain Close to Existing Clientele
- Build-to-Suit Construction in 1991 and Renovated in 2018
- Recent Capital Improvements Including Roof, HVAC Units, and Back-Up Generator
- Densely Populated with Over 248,000 People in Five Miles
- Affluent Area | Average Household Income Exceeds $177,000
- Strong Traffic Counts | 18,078 Vehicles Per Day
- New York City Suburb | Approximately 12 Miles to New York City
Loan History
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