White Horse Executive Center at 1225-1255 Whitehorse Mercerville Road in Hamilton — Courtesy: Fennelly Associates
By Joshua Burd
The longtime owners of two medical office properties in Hamilton have sold the portfolio for a combined $11.1 million, according to a brokerage team with Fennelly Associates.
The assets include a 59,000-square-foot medical office building at 3575 Quakerbridge Road, which traded for $8 million, Fennelly said in a news release. The second transaction, which was valued at $3.1 million, involved the sale of 30 medical office condos spanning 72,500 square feet at White Horse Executive Center, at 1225-1255 Whitehorse Mercerville Road.
Fennelly Associates President Jerry Fennelly represented the seller, the Neuman family, in both transactions. He noted that the deals mark the conclusion of its 33-year relationship with the family, which began when the firm was tapped to help the family lease medical office properties in central New Jersey.
Following its success in strengthening the family’s portfolio, Fennelly Associates continued to help the family attract and secure tenants including Children’s Specialized Hospital and Rothman Orthopaedic Institute, the news release said. The group recently opted to sell off assets to capitalize on prosperous market conditions as they near retirement age.
“Since the start of our relationship with the Neuman family, the commercial real estate market has changed dramatically in the central New Jersey area,” Fennelly said. “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. 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.”
Built in 2004, 3575 Quakerbridge Road is a two-story property centrally located between Princeton and Trenton, with proximity to Route 33, Route 1, Interstate 295 and the New Jersey Turnpike. Meantime, Whitehorse Executive Center is a four-building, 125,924-square-foot medical office park less than five miles away.