In Q4 2019, Altera acquired the sheriff’s deed from Bank of China (BOC) related to a 75,000 SF medical office building located 2 blocks from the St. Barnabas Medical Center in West Orange. This acquisition was related to a foreclosure action by the BOC that was under appeal, resulting in an acquisition price substantially below replacement cost in an infill location.

Altera intends to take the building largely back to shell condition, replace all mechanical and electrical systems, and replace the skin of the building and windows. The net result will be a Class A medical office building offering the only block of space in excess of 25,000 SF in an infill market that has historically seen large medical users, including St. Barnabas, lease large blocks of space in close proximity to the hospital.