East Windsor, NJ — Colliers has facilitated the $20 million sale of a two-building, 80,000 s/f multi-tenant medical office portfolio. Located in East Windsor, 300 A and 300 B Princeton Hightstown Rd. were sold by Gordon Princeton Mab Associates, an affiliate of The Gordon Group. The class A buildings were purchased by Wythe Medical Properties, LLC NJ in partnership with OrbVest, a global real estate company that invests in US income-producing medical commercial real estate. managing director Kim Kretowicz, who is a designated fellow within the Colliers Healthcare Services Group, represented both seller and buyer in the disposition/acquisition.
“This black swan event – COVID – has underscored the investment case for medical office buildings (MOB’s) by demonstrating its ability to offer flight to safety,” said Kretowicz. The asset class has many tailwinds blowing in its favor creating an inordinate amount of capital chasing MOB’s. International investors, private equity funds and pension funds have joined the specialized healthcare REITs that have historically been the biggest aggregators of medical office properties.”
“We continue to believe that healthcare-related commercial real estate in the United States has proven its resilience before and during the pandemic and should continue its growth trajectory as an aging population and technological progress continue along its inevitable path,” said Martin Freeman, CEO of OrbVest. “Princeton Hightstown complex is a great match for our portfolio. 100% medical, with solid tenants and long leases in place, and a strategic location on the New Jersey Turnpike’s Interchange 8 between New York City and Philadelphia.”
The Gordon Group and partners have collectively developed, owned and managed over a hundred MOBs totaling over two million s/f, at one point having the distinction of being the largest medical office owner in New Jersey.