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1081 Route 22 in Bridgewater — Courtesy: Lee & Associates New Jersey
By Joshua Burd
A local operator has acquired a medical office and surgery center property in Bridgewater for $10.5 million, brokers with Lee & Associates New Jersey announced Wednesday.
The 24,200-square-foot building, located at 1081 Route 22, is anchored by a regional orthopedic practice that recently extended its lease, according to a news release. It’s also home to a prominent physical therapy practice, as well as two modern surgery centers.
Lee & Associates’ Erica Davidson represented the private seller and procured the buyer, Kings Row Medical Properties, with the firm’s Gary Sopko providing transactional support.
“1081 Route 22 serves as an orthopedic hub, and its quality and stability commanded a premium price,” Davidson said. “The health care and medical office sectors continue to perform well in the current real estate environment. Ultimately, the buyer is an experienced local operator, and their hands-on approach will benefit the property and its tenants moving forward.”
Brokers noted that the building, which is in a market with strong demographics, has long-term triple-net leases. That helped it draw multiple offers.
Additionally, the 2.5-acre property has parking for 135 cars and includes an easement agreement with Atlantic Health and Hunterdon Healthcare Systems, connecting the property to other medical offices and facilitating ease of access.
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