There are building sales on a daily basis. Ask any broker. Most of them — regardless of their value — are soon forgotten.
We’re guessing the recent sale of two medical offices in Hamilton might be different.
When Fennelly Associates helped the Neuman family sell a 59,000-square-foot building at 3575 Quakerbridge Road for $8 million and a 72,500-square-foot building at 1225-1255 Whitehorse Mercerville Road for $3.1 million, the final sale was more significant than the $11.1 million it brought in.
The sale represented the end of a 33-year relationship between Fennelly and the family.
Jerry Fennelly said it was a milestone moment.
“It’s been a privilege to work alongside the Neuman family as we helped them navigate the ups and downs of the market over the past three decades,” he said.
The Neuman family has been a client of Fennelly Associates since 1990, when the firm was tapped to help the family lease medical office properties in Central Jersey.
Over the years, the Neuman family has continually trusted Fennelly Associates to provide the commercial real estate solutions needed to find value in continually evolving market conditions.
Following its success in strengthening the family’s portfolio, Fennelly Associates was continually tapped to provide the brokerage services needed to attract and secure tenants including Children’s Specialized Hospital and Rothman Orthopaedic Institute.
Fennelly said the two grew together.
“Since the start of our relationship with the Neuman family, the commercial real estate market has changed dramatically in the central New Jersey area,” he said.
The final sale was evidence of that.
Similar to other long-term, family-owned real estate asset holders around the state, the Neuman family looked to sell off assets to capitalize on prosperous market conditions as they near retirement age.
Building on their relationship, they selected Fennelly Associates to implement a strategic and data-driven approach to find and secure reputable buyers for 3575 Quakerbridge Road as well as 30 medical office condos combining for 72,500 square feet at Whitehorse Executive Center.
When it was done, the Neumans had nothing left to sell.
Fennelly said he’s sorry to see it all end — but happy for the Neumans.
“While our professional relationship may be nearing its conclusion, I look back proudly at all we accomplished together and wish them the best of luck in retirement and all that lies ahead,” he said.