Conveniently located near Overlook Medical Center, the building is fully leased to The Center for Ambulatory Surgery (CAS), L&M Healthcare Communications and Crest Physical Therapy.
Michael D. Staskiewicz, CCIM, senior vice president of Lee & Associates-New Jersey LLC, represented the seller, ASC Mountainside Realty, a multi-specialty ASC owned by 36 physicians. The Punia Company, the original developer of the building, re-acquired the asset at the end of 2013, completing a 1031 exchange. Hayden Tiger, principal of The Punia Company, represented his firm in the transaction.
“Earlier in the year, we extended CAS’s lease on a long term basis after selling our majority interest in the ASC to a national operator,” said Dr. Stephen Longobardi, podiatric surgeon and managing partner of ASC Mountainside Realty. “At the same time, Michael and his team brought the property from 64 percent occupied to fully leased within 6 months. With the building 100 percent leased, we believed it was an opportune time to explore selling and engaged Lee & Associates to market the building.”
“We continue to see steady demand for fully stabilized, well located medical office buildings,” said Staskiewicz. “These assets are attractive as they typically retain very low vacancy, as many medical specialty practices prefer a non-acute care setting that is off the hospital campus, due to the operating cost savings and growth opportunities. With strong investor interest for the asset, coupled with a 1031 tax event, we were able to close this transaction quickly.”
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 51 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin that house more than 750 brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.