MOUNTAINSIDE, NJ—The Punia Co., the original developer of the medical office building at 1450 Route 22 West here, has reacquired the asset for $8.45 million, completing a 1031 exchange.

The Livingston, NJ-based privately held real estate development company, purchased the 41,000-square-foot property from ASC Mountainside Realty, a multispecialty ambulatory surgery center owned by 36 physicians, for approximately $203 per square foot.

Lee & Associates, which arranged the sale on behalf of the seller, announced the deal on the building that is fully leased to The Center for Ambulatory Surgery (CAS), L&M Healthcare Communications and Crest Physical Therapy.

Michael D. Staskiewicz, CCIM, senior vice president of Lee & Associates-New Jersey LLC, represented ASC Mountainside Realty in the transaction. Hayden Tiger, principal of The Punia Company, represented the buyer in the transaction.

“We continue to see steady demand for fully stabilized, well located medical office buildings,” says Staskiewicz. “These assets are attractive as they typically retain very low vacancy, as many medical specialty practices prefer a non-acute care setting that is off the hospital campus, due to the operating cost savings and growth opportunities. With strong investor interest for the asset, coupled with a 1031 tax event, we were able to close this transaction quickly.”