800 Bunn Drive in Princeton – Courtesy: Colliers
By Tina Traster
Colliers has negotiated the sale of a 30,000-square-foot medical office property in Princeton in partnership with Commercial Property Network Inc.
The Class A medical office building, fully occupied with specialized medical practice tenants, is located at 800 Bunn Drive in Princeton. Colliers’ Kim Kretowicz, a managing director and health care capital markets specialist, represented the buyer, Thomas Park, a leading private equity real estate firm.
Commercial Property Network Senior Director Paul E. Goldman represented the seller, Gordon Bunn Drive Associates LLC.
“We are excited to further our medical office acquisitions in New Jersey with the purchase of 800 Bunn,” said Alex Kopicki, chief investment officer at Thomas Park. “With an outstanding patient base and ability to draft off of the university, we know this asset is positioned to sustain long-term value.”
This is Thomas Park’s second acquisition in the state in 2021. In a deal also brokered by Kretowicz, the company acquired a 33,000-square-foot medical office property at 225 May St. in Edison.
“There is a flood of interest in MOB’s creating a higher demand from institutional buyers in the sub-$10 million on- and off-campus assets,” Kretowicz said. “800 Bunn’s Princeton checks the institutional boxes with its internationally recognized address, tenant quality and income durability. Thomas Park recognized this value and seamlessly acquired the property.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
