194 State Route 31 in Flemington — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has purchased more than 15,000 square feet of medical office and retail space in Flemington for some $4.8 million, according to a listing team with The Kislak Co. Inc.
In a news release, the brokerage firm said it represented P-2 Real Estate Associates LLC in the sale of the property at 194 State Route 31. It also procured the buyer, citing the appeal of the building’s triple net leases with tenants including a bank and three medical facilities.
Kislak Senior Vice President Daniel Lanni brokered the $4.825 million deal.
“This was a highly competitive process in which we worked relentlessly to position the property in a way that maximized value for the seller,” Lanni said. “Given strong interest and multiple offers, we secured an all-cash buyer at a price that exceeded the initial market indicators. Achieving this result without financing contingencies provided certainty to the seller of a fast and efficient closing.”
Built in 2006, the complex sits just north of downtown Flemington and fronts Route 31. The two-story, 15,232-square-foot property is also across the street from Hunterdon Medical Center and minutes from Interstate 78, Flemington Circle, Route 202 and Route 22, Kislak said, adding that it has carpeted and tiled flooring, ample window light and abundant parking at a ratio of five per 1,000 square feet.
