100,000-SF Office Condo Is in the Works

FREEHOLD, NJ-A trio of developers has unveiled plans for Pond View Professional Park, a four-building, 100,000-sf medical/office condominium complex. The project’s 12-acre tract is located less than 1/8 mile from CentraState Medical Center in this Monmouth County seat.

The joint venture partners are the Hampshire Cos. of Morristown, NJ; Pyramid Property Partners, a Woodbridge, NJ-based group headed by Steven Schultz; and Triad Development Co. of Eatontown, NJ. With the location near CentraState, the developers are targeting doctors’ offices, diagnostic facilities, specialty care and other business and medical uses as buyers. The cost of developing the project has not been released.

“The medical office ownership trend has gained popularity in recent years,” says Norman A. Feinstein, Hampshire’s EVP. The other trend in the medical industry in New Jersey continues to be decentralization, with more doctors and medical groups relocating from within hospitals. At issue is everything from tax benefits and investment returns, to an equity position potentially representing retirement savings.

The project architect is Wayne Lerman of WML Architects of West Long Branch, NJ. Lerman tells GlobeSt.com that he sought and obtained approval for his design from the Freehold Historical Commission. The design of Pond View, features a courtyard setting for the four, 25,000-sf buildings.

The construction manager for the project is I.M. Mack of Totowa, NJ. The development partners have also hired the Schultz Organization of Woodbridge, NJ to sell the complex’s units, with the latter firm’s Julie F. Nachamkin, managing director, and Michael Staskiewicz, associate, handling the assignment.