Fennelly Associates said Wednesday that it negotiated the sale of a single-tenant, long-term-leased 10,000-square-foot medical office building located at 59 One Mile Road in East Windsor for $2.95 million.
Fennelly President Jerry Fennelly and corporate real estate specialist Patrick Dintrone represented the seller and Frank Gunsberg of Colliers International represented the buyer in the transaction.
Located just off Route 130 less than two miles from Exit 8 on the New Jersey Turnpike, 59 One Mile Road is a two-story medical office building featuring 47 parking spaces.
The building’s ideal location and favorable local demographics make it a perfect home for an office of Schweiger Dermatology, the largest dermatology practice in the region, with over 90 offices and more than 300 health care providers throughout New Jersey, New York, Pennsylvania and Connecticut.
Long-term leased to a credit-grade tenant, 59 One Mile Road was recognized by the buyer as a favorable long-term investment to satisfy a 1031 exchange requirement. It worked closely with Fennelly Associates to negotiate a purchase.
“The opportunity to acquire a fully leased medical office building in the heart of the dynamic Mercer County market is rare,” Fennelly said. “In such a competitive market, it’s critical for sellers to work with an experienced team who can seamlessly and efficiently bring a property to the market and secure the highest fair market value.”
