X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FREEHOLD TWP., NJ – It got its approvals in late 2006 and construction was completed in August, and now the 100,000-sf Pond View Professional Park has its first buyer. The three-building campus’ space is on the market as medical and professional condos available for sale or lease, and the 12.2-acre site is just down Route 537 from the sprawling CentraState Medical Center.

Advanced Orthopedic Sports Medicine Institute is that buyer, paying just more than $5.3 million, or $213 per sf, for the entire first floor of the two-story, 50,000-sf building at 1011 W. Main St., Route 537. The campus’ two other buildings are both also two stories, but are 25,000 sf each, and it all adds up to that 100,000-sf total.

Advanced Orthopedic is a new entity, combining two local orthopedic practices into one group. “Our patients are the center of our practice, and the new location reflects our desire to provide them with the most comfortable, state-of-the-art care available in the area,” says Dr. Michael Greller, president of Advanced Orthopedics, in a statement. “This center will enhance relationships with the community, hospitals and patients.

Greller says that “with all doctors now under the same roof, we can take full advantage of our combined experience. The physical therapy center will allow us to closely monitor and direct the rehabilitation of patients.”

Pond View is a development of Center State Properties, a joint venture of Pyramid Property Partners, Hampshire Real Estate Cos. and Triad Development. The office condo was also acquired with the help of a loan of just more than $4.8 million, provided by Wachovia Commercial Mortgage in a transaction that closed prior to the financial markets’ current woes. The LTV for the funding is 91%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.