100-300 Overlook Drive in Monroe — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Investors have acquired a 31,000-square-foot medical office complex in Monroe Township, in a nearly $6.5 million sale arranged by The Kislak Co. Inc.
The brokerage firm announced that it represented SNS Real Estate Investment Group LLC in its purchase of 100-300 Overlook Drive, a set of three single-story buildings about two miles west of the New Jersey Turnpike. Stephen Gianis, vice president of commercial sales and leasing with Kislak, completed the $6.485 million transaction.
“This was the second medical office that SNS purchased through Kislak Commercial,” Gianis said. “SNS recognized the strength of tenancy at Pondview Plaza and submitted a strong offer just below the asking price before finalizing the terms of the sale. Having long term tenants like DaVita Renal Center, Parker Adult Daycare and JFK Physical Therapy provided them with stability going forward.”
Sitting on 4.69 acres site, the medical office space is housed in three separate structures built in 1997. The complex, which is 96 percent occupied, offers quick access to nearby towns including Cranbury, Manalapan, Princeton, Holmdel, East Windsor, South Brunswick and Freehold.
“Steve identified this off-market transaction and the value of its tenancies and their terms and gave his client a better than market cap rate as a result,” said Peter Wisniewski, Kislak Commercial Real Estate Services Inc.’s executive vice president.
Reena Forst of Fischer, Porter and Thomas P.C. represented the buyer.
“There is a need for medical office buildings in this area due to the strong demographics of retirees,” Gianis said. “The property is surrounded by Rossmoor, Clearbrook Park, Concordia and The Ponds, all very large active adult retirement communities.”