Kislak sells medical office in Central Jersey for $6.49M

By Emily Bader
Monroe Township | Sep 26, 2019 at 3:00 am

Woodbridge-based Kislak Commercial Real Estate Services Inc. announced Wednesday the $6.49 million sale of a medical office building in Monroe Township.

The Pondview Plaza is a 31,000-square-foot medical facility located at 100-300 Overlook Drive.

Stephen Gianis, vice president of commercial sales and leasing, represented the buyer, SNS Real Estate Investment Group LLC. Reena Forst of Fischer, Porter and Thomas P.C. represented the buyer.

“This was the second medical office that SNS purchased through Kislak Commercial,” Gianis said. “SNS recognized the strength of tenancy at Pondview Plaza and submitted a strong offer just below the asking price before finalizing the terms of the sale. Having long term tenants like DaVita Renal Center, Parker Adult Daycare and JFK Physical Therapy provided them with stability going forward.”

“Steve identified this off-market transaction and the value of its tenancies and their terms and gave his client a better than market cap rate as a result,” Peter Wisniewski, executive vice president, Kislak Commercial, said.

The medical facility is located on 4.69 acres and is housed in three single-story, freestanding buildings. The property has ample parking, including handicap and wheelchair accessible spaces, as well as high ceilings, reception and common areas, a laboratory, a courtyard, Wi-Fi, a security system, 24-hour building access, and more.

“There is a need for medical office buildings in this area due to the strong demographics of retirees. The property is surrounded by Rossmoor, Clearbrook Park, Concordia and The Ponds, all very large active adult retirement communities,” Gianis said.

Emily Bader | ebader@roi-nj.com | emilybader