HACKETTSTOWN, N.J. – A “bidding war” took place among four investors for a fully occupied, 44,382 square foot MOB at 108 Bilby Road that recently traded in Hackettstown, about 50 miles west of Manhattan.
The buyer was a third-generation New Jersey family investment firm that paid $10.6 million at a cap rate of 7.5 percent, according to Kim Kretowicz, managing director of healthcare services/investment sales in New Jersey for Colliers International. She added that the buyer is in the process of increasing its medical property holdings.
Ms. Kretowicz represented the seller, a fourth-generation private developer also based in New Jersey.
The three-story MOB, which was completed in 2010, is known as the Hackettstown Medical Arts Building. It is anchored by Morristown, N.J.-based Atlantic Health System, which provides a variety of services and occupies about 40 percent of the facility, according to Ms. Kretowicz. Also in the MOB is an urgent care center operated by The Orthopedic Institute of New Jersey.
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