10C — March 2024 — Best of 2023 — M id A tlantic Real Estate Journal www.marej.com The LARGEST MEDICAL OFFICE SALE of 2023
Forged Real Estate Single Tenant MOB Wayne, PA
Cushman & Wakefield Silverman Portfolio New Providence & Livingston, NJ
Lee & Associates NJ 1081 US Hwy 22 Bridgewater, NJ
Broker: Erica Davidson Size: 23,610 s/f
Brokers: Marc Mandel, Steve Schrenk, Marco DiPrinzio, and Greg Zimmerman The off-market sale of a Single Tenant Medical Office Building leased to Reproductive Medical Associates, a division of IVIRMA Global, located in Wayne, PA within the Philadelphia MSA. The tenant executed a new twenty- year NNN Lease at this stand-alone building, which was recently converted by an affiliate of Mediplex Property Group into a state-of-the-art ambulatory surgery center featuring outpatient services as well as clinical offices and lab space. Forged Real Estate was able to facilitate an accretive deal for the Seller to a 1031 Exchange buyer with an expedited timeline.
In a Lee & Associates New Jersey-orchestrated trans- action, Kings Row Medical Properties acquired this medical office/surgery center set on nearly 2.5 acres from a private-entity seller. Located in a market with strong demographics, this well-maintained asset with long-term triple-net leases drew numerous offers and commanded a premium price. Anchored by a leading Somerset and Hunterdon County orthopedic practice that recently extended its lease, the building also fea - tures a prominent physical therapy practice, as well as two state-of-the-art surgery centers. Ultimately, the buyer is an experienced local operator, and their hands-on approach will benefit the property and its tenants moving forward.
Brokers: Cushman & Wakefield’s Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Max Helfman Size: 131,314 s/f 890 Mountain Avenue and 75-89 Northfield Avenue is a 131,314 s/f medical office portfolio leased long- term to Summit Health. The Livingston building was build-to-suit for Summit Health in 2016, while the New Providence building was formerly a multi-tenanted of - fice building that was renovated-to-suit Summit Health. Cushman & Wakefield brokered the sale on behalf of Silverman Group, with Montecito Medical Real Estate acquiring the portfolio.
The MOST UNIQUE MEDICAL OFFICE LEASE of 2023
Cushman & Wakefield Silverman Portfolio New Providence and Livingston, NJ The MOST UNIQUE MEDICAL OFFICE SALE of 2023
Cushman & Wakefield Summit Health at 39 W. Northfield Livingston, NJ
Broker: Marc Rosenberg Size: 55,200 s/f
Summit City MD, one of the premier physician-governed multi-specialty medical groups in the country and leading urgent care provider in the New York metro area, signed a 55,200 s/f, 20-year lease at 39 W Northfield Road. Summit City MD has more than 1,400 health care providers across 400 locations and this facility will enable them to continue expanding their service offerings for the community.
Brokers: Cushman & Wakefield’s Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Max Helfman Size: 131,314 s/f 890 Mountain Avenue and 75-89 Northfield Avenue is a 131,314 s/f medical office portfolio leased long-term to Summit Health. The Livingston building was build-to-suit for Summit Health in 2016, while the New Providence building was formerly a multi-tenanted office building that was renovated-to-suit Summit Health. Cushman & Wakefield brokered the sale on behalf of Silverman Group, with Montecito Medical Real Estate acquiring the portfolio.
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