Hampshire Sells Medical Office Condos

FREEHOLD, NJ–Pond View Professional Park, a 75,000-square-foot medical office complex, recently sold off more than half of its condominium suite space. The building is a joint venture of the Hampshire Cos., Pyramid Property Partners and Triad Development Co. The partners sold nearly 45,000 square feet. No purchase price was released. Located at 1101 W. Main St., the three-building, two-story complex is near CentraState Medical Center.

“We saw an opportunity to meet the high demand for medical office ownership with this development,” said Norman A. Feinstein, executive managing director for the Hampshire Cos., in a statement. “This facility offers physicians the opportunity to buy their own state-of-the-art office space and allows easy access to the hospital.”

According to Steven Schultz, managing principal of Pyramid Property Partners, demand for premier medical office space throughout New Jersey is on the rise. “We expect sales to remain strong as we move into the fourth quarter,” he said in a statement.

Roughly 30,000 square feet is available for sale or lease at the development, which also has approvals to build another 25,000-square-foot facility. Current tenants include Advanced Orthopedics & Sports Medicine Institute, Heal and Care Pediatrics, Healthy Women Obstetrics and Gynecology, Personal Medical Care NJ and Advanced Billing Strategies. Julie Nachamkin of the Schultz Organization is the exclusive leasing/sales agent.

In other Hampshire Cos. news, the Morristown-based firm along with MCB Real Estate purchased a 45,000-square foot retail center in Baltimore. No acquisition price was released, but the buy was made on behalf of the Hampshire Generational Fund, a private equity investment vehicle targeted to high net worth individuals.

The seller was Steuver Bros. Eccles & Rouse. The new partners plan to reposition the center, which currently has 20,000 square feet available for lease.