Colliers announced June 1 that it facilitated the $20 million sale of a two-building, 80,000-square-foot multi-tenant medical office portfolio.
Located in East Windsor at 300 A and 300 B Princeton Hightstown Road, the Class A properties were purchased by Wythe Medical Properties LLC in partnership with OrbVest, a global real estate company that invests in U.S. income-producing medical commercial real estate.
Colliers Healthcare Services Group Managing Director Kim Kretowicz represented both the seller, Linden-based Gordon Princeton Mab Associates, an affiliate of The Gordon Group, and the buyer in the disposition/acquisition.
“This black swan event – COVID – has underscored the investment case for medical office buildings (MOBs) by demonstrating its ability to offer flight to safety,” said Kretowicz. “The asset class has many tailwinds blowing in its favor creating an inordinate amount of capital chasing MOBs. International investors, private equity funds and pension funds have joined the specialized health care REITs that have historically been the biggest aggregators of medical office properties.”
“We continue to believe that health care related commercial real estate in the United States has proven its resilience before and during the pandemic and should continue its growth trajectory as an aging population and technological progress continue along its inevitable path,” said OrbVest Chief Executive Officer Martin Freeman.