A medical office building with two adjacent lots for future development in Bridgewater just traded for $27 million, according to a Thursday announcement from CBRE.
The three properties — 1200, 1210 and 1220 Route 22 E. — were acquired by Treetop Development, a leading real estate investment and development firm, from Bridgemark Hospitality.
The CBRE Tri-State Investment Properties team of Elli Klapper, Charles Berger, Jeremy Wernick and Mark Silverman worked in conjunction with Advisory & Transaction’s Donald Sperling to bring the transaction to a successful conclusion.
“This unique assemblage sale combines two very different types of transactions,” Klapper said. “Treetop not only purchased a fantastic value-add medical office building, but they also purchased two adjacent land lots for future development.”
“Developers and investors recognize the importance of a strong in-place income stream, but also see the crucial need for developable land in today’s volatile market,” Berger added. “Since the pandemic, there has been a major shift towards development, especially ones in strategic locations with excellent proximity to major transportation options.”
“We are excited about the opportunity to purchase a well-maintained and well-occupied cash-flowing asset while we seek the approvals to construct an industrial building on the adjacent vacant land,” Azi Mandel, principal of Treetop Development, said.
1200-1220 Route 22 E. is located just minutes from Interstate 287, providing direct access to major thoroughfares throughout New Jersey and New York and Port Newark/Elizabeth. Its last-mile location is within close proximity to the strongest consumer markets in the Northeast.