NJ Medical Office Building Trades for Nearly $7M
Currently at 96% occupancy, the buildings are located in a densely populated adult and residential area of Monroe Township, offering very favorable demographics for tenants.
MONROE TOWNSHIP, NJ—The 31,000-square-foot Pondview Plaza medical office building here has been sold for approximately $6.49 million to SNS Real Estate Investment Group, LLC.
The deal for the nearly fully-leased medical office complex at 100-300 Overlook Drive was reported by Kislak Commercial Service, Inc. of Woodbridge, NJ.
Stephen Gianis, vice president of commercial sales and leasing at Kislak, represented the purchaser, SNS Real Estate Investment Group, LLC.
“This was the second medical office that SNS purchased through Kislak Commercial,” Gianis says. “SNS recognized the strength of tenancy at Pondview Plaza and submitted a strong offer just below the asking price before finalizing the terms of the sale. Having long term tenants like DaVita Renal Center, Parker Adult Daycare and JFK Physical Therapy provided them with stability going forward.”
Located on a 4.69-acre site, the medical office space is housed in three separate structures consisting of single-story buildings built in 1997 with parking at a ratio of 5.00/1,000-square-foot, including handicap and wheelchair accessible spaces. Currently at 96% occupancy, the buildings are located in a densely populated adult and residential area of Monroe Township, offering very favorable demographics for tenants.
The freestanding buildings offer features inclusive of French windows that allow for abundant natural light, high ceilings, reception and common areas, laboratory, central heating and air conditioning and a courtyard. Other amenities include Wi-Fi, a security system and 24-hour building access along with monument signage.
The property is centrally located amid the towns of Cranbury, Manalapan, Princeton, Holmdel, East Windsor, So. Brunswick and Freehold – all within a 20 to 35-minute drive of the property.
“There is a need for medical office buildings in this area due to the strong demographics of retirees. The property is surrounded by Rossmoor, Clearbrook Park, Concordia and The Ponds, all very large active adult retirement communities,” Gianis states.
Reena Forst, Esq., of Fischer, Porter and Thomas, P.C. represented the buyer in the transaction.