Thomas Park acquires Princeton multispecialty medical office building

Commercial real estate services firm Colliers on Thursday said it sold a 30,000-square-foot medical office property in partnership with Commercial Property Network Inc. The Class A medical office building is located at 800 Bunn Drive in Princeton and is 100% occupied with specialized medical practice tenants.

Colliers’ Kim Kretowicz, managing director and health care specialist/capital markets, represented the buyer, Thomas Park, a leading private equity real estate firm, in the transaction. The seller of the property, Gordon Bunn Drive Associates LLC, was represented by Paul Goldman, senior director at Commercial Property Network.

“We are excited to further our medical office acquisitions in New Jersey with the purchase of 800 Bunn,” said Alex Kopicki, chief investment officer at Thomas Park. “With an outstanding patient base and ability to draft off of (Princeton) University, we know this asset is positioned to sustain long-term value.”

“There is a flood of interest in (medical office buildings), creating a higher demand from institutional buyers in the sub-$10 million on- and off-campus assets,” Kretowicz said. “800 Bunn, Princeton, checks the institutional boxes with its internationally recognized address, tenant quality and income durability. Thomas Park recognized this value and seamlessly acquired the property.”

This acquisition marked Thomas Park’s second acquisition in New Jersey in 2021, with the first also represented by Kretowicz. The company continues to bolster its portfolio of properties with acquisitions in its area of focus, which runs the Acela corridor from Richmond, Virginia, to Boston. The company previously acquired a 33,000-square-foot medical office property at 225 May St. in Edison.