A Colliers International HealthCare Investment Sales team on Wednesday said it handled the sale of a 30,000-square-foot medical office building in Edison to Thomas Park, a private equity real estate firm.
Located at 225 May St., the property was delivered 83% leased with five tenants comprising investor preferred health system, surgery center and cardio specialty practice tenancy.
“This asset has all the right ingredients we look for, from its longstanding cycle-tested tenancy, dense patient base and convenient location,” Thomas Park Chief Investment Officer Alex Kopicki said. “We fully expect this to be the first of many transactions we complete in New Jersey and with Kim Kretowicz and her team.”
Kretowicz, a managing director and HealthCare Investment Sales fellow within the Colliers Healthcare Services Group, represented the seller and procured the buyer.
“225 May St.’s health system and specialty medical practices tenancy, excellent location and consistent history of tenant renewals demanded multiple offers from the crowded pool of REITs, private health care investors and the souring private equity buyers,” said Kretowicz. “At the end of the day, Thomas Park’s sterling track record of owning and operating medical office properties proved to be the perfect fit.”