Lee & Associates NJ says Route 22 property drew multiple offers
Jessica Perry//February 8, 2024//
1801 Route 22 in Bridgewater is a 24,200-square-foot building medical office building set on nearly 2.5 acres. - PROVIDED BY LEE & ASSOCIATES NJ
1801 Route 22 in Bridgewater is a 24,200-square-foot building medical office building set on nearly 2.5 acres. - PROVIDED BY LEE & ASSOCIATES NJ
Lee & Associates NJ says Route 22 property drew multiple offers
Jessica Perry//February 8, 2024//
A medical office and surgery center building in Somerset County attracted multiple offers leading up to its recent sale to Kings Row Medical Properties.
That’s according to Lee & Associates New Jersey, which announced the sale of 1081 Route 22 in Bridgewater for $10.5 million on Feb. 7.
The building is anchored by MidJersey Orthopaedics, which recently extended its lease, Lee & Associates NJ said. Additional tenants include a physical therapy practice and two state-of-the-art surgery centers.
The 24,200-square-foot building is situated on nearly 2.5 acres and offers parking for 135 cars. According to the commercial real estate brokerage and property management firm, 1081 Route 22 includes an easement with Atlantic Health System and Hunterdon Healthcare System that connects the property to other medical offices for ease of access.
Vice President Erica Davidson represented the private seller and procured the buyer in the transaction. Support was also provided by Senior Vice President Gary Sopko.
The interest in the property demonstrates the relative strength this part of the office sector has gained in recent years. Additionally, Davidson cited the quality of the asset as well as its long-term triple-net leases.
“1081 Route 22 serves as an orthopedic hub, and its quality and stability commanded a premium price,” she said. “The health care and medical office sectors continue to perform well in the current real estate environment.
“Ultimately, the buyer is an experienced local operator, and their hands-on approach will benefit the property and its tenants moving forward,” Davidson added.