6A — September 2023 — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
F inancial D igest
East Windsor Medical Office Building meets 1031 Exchange requirement Fennelly Associates arranges $2.95 Million sale of 10,000 s/f property at 59 One Mile Road
AST WINDSOR, NJ — Fennelly Associates has negotiated the sale of a single-tenant, long-term leased 10,000 s/f medical of - fice building located at 59 One Mile Rd. in East Windsor for $2.95M. Fennelly Associates president Jerry Fennelly, SIOR , and corporate real es- tate specialist Patrick Din- trone, SIOR , represented the seller and Frank Gunsberg of Colliers International represented the buyer in the transaction. Located less than two miles from Exit 8 on the New Jer - E
sey Tpke., 59 One Mile Rd. is a two-story medical office building featuring 47 parking spaces. The building’s ideal location and favorable local demographics make it a perfect home for an office of Schweiger Dermatology, the largest der - matology practice in the region, with over 90 offices and more than 300 healthcare providers throughout New York, New Jersey, Pennsylvania and Con - necticut. Long-term leased to a credit-grade tenant, the buyer recognized 59 One Mile Rd. as a favorable long-term investment to satisfy a 1031 exchange re -
quirement and worked closely with Fennelly Associates to negotiate a purchase. “The opportunity to acquire a fully-leased medical office building in the heart of the dynamic Mercer County mar - ket is rare,” said Fennelly. “In such a competitive market, it’s critical for sellers to work with an experienced team who can seamlessly and efficiently bring a property to the market and secure the highest fair market value.” In a separate transaction, Dintrone, SIOR, represented the seller, Altenburg Piano House, in negotiating the sale of 1911 Brunswick Pike in Lawrenceville. The buyer, Imagine Design Center, was represented by Melanie Elliot of The Melanie Elliot Real Estate Group . 1911 Brunswick Pike is a one-story, 4,015 s/f retail build - ing with ten on-site parking spaces. The property is also easily accessible to Rtes. 1 and 206 as well as I- 295 and pro - vides superior visibility to the Lawrenceville community. The seller, who previously operated a piano showroom at the property, selected Fennelly Associates as the exclusive brokerage firm for the property. Fennelly Associates then uti - lized a strategic marketing plan to attract prospective tenants to the property. The buyer took an interest in the property’s adaptability and will utilize the space to operate its offices and a showroom for their home remodeling business. “Across all asset classes, it’s important that users secure space that fits their unique needs and puts them in a posi- tion to succeed,” said Dintrone. “In this case, the buyer appreci- ated the property’s showroom capabilities as well as its visibil- ity along a highly-traffic route in Lawrenceville. We’re thrilled to have brought together two parties who were interested in getting a deal done and helping them achieve their respective real estate goals.” In a separate transaction, Fennelly Associates has negoti - ated the sale of 1911 Brunswick Pike in Lawrenceville. Fennelly Associates’ Dintrone, SIOR, represented seller, Altenburg Piano House, in the transaction with the buyer, Imagine Design Center, who was represented by Melanie Elliott of The Melanie Elliott Real Estate Group . MAREJ
59 One Mile Rd
Built to Thrive. These may look like transactions. To us, they’re more than that. They’re the result of hard work, local knowledge, and a deep understanding of your investment goals. Work with us today. It’s time to thrive. northmarq.com
$62,000,000 321 Main Street 270 units | Hackensack, NJ National Bank
$26,000,000 Luxury Apartments 90 units | East Harlem, NY Life Company
$13,000,000 The Opus 49 units | North Arlington, NJ Local Bank
Gary Cohen | 973.538.2330 Robert Ranieri | 914.683.3710
Commercial Real Estate Debt + Equity | Investment Sales | Loan Servicing | Fund Management
Made with FlippingBook - Online catalogs