Kings Row Medical Properties purchased a medical office/surgery center in Bridgewater for $10.5 million, according to a Wednesday announcement from Lee & Associates New Jersey.
The commercial real estate firm’s Erica Davidson represented the private-entity seller and procured the buyer in the transaction; the firm’s Gary Sopko provided transactional support.
Located at 1081 Route 22, in a market with strong demographics, the building with long-term triple-net leases drew numerous offers, according to Davidson.
“1081 Route 22 serves as an orthopedic hub, and its quality and stability commanded a premium price,” Davidson said. “The health care and medical office sectors continue to perform well in the current real estate environment. Ultimately, the buyer is an experienced local operator, and their hands-on approach will benefit the property and its tenants moving forward.”
Anchored by a leading Somerset and Hunterdon County orthopedic practice that recently extended its lease, 1081 Route 22 additionally features a prominent physical therapy practice, as well as two state-of-the-art surgery centers. Set on nearly 2.5 acres with parking for 135 cars, the 24,200-square-foot building includes an easement agreement with Atlantic Health and Hunterdon Healthcare Systems, connecting the property to other medical offices and facilitating ease of access.
Bridgewater is one of Somerset County’s fastest-growing municipalities, and the property benefits from an expanding housing market and proximity commercial and retail centers, including Bridgewater Commons mall.