1200, 1210 and 1220 Route 22 East in Bridgewater — Courtesy: CBRE
By Joshua Burd
Treetop Development has acquired three properties in Bridgewater for $27 million, adding a medical office building and two adjacent lots that it hopes to develop as industrial space.
According to CBRE, which brokered the deal, the parcels include the site of the roughly 112,000-square-foot structure at 1200 Route 22 East. The adjoining sites, at 1210 and 1220 Route 22 East, span roughly 27 acres of vacant land to the south of the existing building.
“This unique assemblage sale combines two very different types of transactions,” CBRE’s Elli Klapper said. “Treetop not only purchased a fantastic value-add medical office building, but they also purchased two adjacent land lots for future development.”
Klapper, Charles Berger, Jeremy Wernick and Mark Silverman brokered the deal between the seller, Bridgemark Hospitality, and Treetop, working in tandem with CBRE leasing broker Donald Sperling. They cited the location’s proximity to Interstate 287, which provides access to other major highways and infrastructure, and to the region’s dense population.
“Developers and investors recognize the importance of a strong in-place income stream, but also see the crucial need for developable land in today’s volatile market,” Berger said. “Since the pandemic there has been a major shift towards development, especially ones in strategic locations with excellent proximity to major transportation options.”
The Teaneck-based real estate firm did not provide specifics about what it aims to build on the excess land, but said it would pursue entitlements to build industrial space.
“We are excited about the opportunity to purchase a well-maintained and well-occupied cash flowing asset while we seek the approvals to construct an industrial building on the adjacent vacant land,” said Azi Mandel, principal of Treetop Development.
