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Medical office has captured the real estate spotlight with its strong investment sales from large hospitals buying up doctor practices and increased development of outpatient facilities.
The Phoenix-based firm reports it has acquired One Crescent Drive, which totals more than 76,000 square feet and the 80,050-square-foot 201 Rouse Boulevard office building from Liberty Property Trust.
"There was great interest in this asset given its location and current use," Cruz said. "It's a rare opportunity to acquire a property with long-term flexibility and optionality that can support logistics, storage and other uses in the Metro park submarket."
Relocating from another Newark property, Project for Empty Space, a hub for multidisciplinary creative engagement, will have multiple galleries and exhibition areas, as well as amenitized studios at its new offices at 800 Broad St.
Publicly traded companies capitalized on low single-family home prices after the Great Recession by scooping up large portfolios of distressed properties.