V.P. Stephen Gianis Represents Purchaser of 31,000 S.F. Monroe Twp. Medical Office
Woodbridge, N.J., September 25, 2019 – Kislak Commercial Real Estate Service, Inc. announced the $6,485,000 sale of Pondview Plaza, a 31,000 square foot medical office located at 100-300 Overlook Drive, Monroe Township, New Jersey in the heart of Middlesex County.
Stephen Gianis, vice president of commercial sales and leasing, represented the purchaser, SNS Real Estate Investment Group, LLC.
“This was the second medical office that SNS purchased through Kislak Commercial,” said Mr. Gianis. “SNS recognized the strength of tenancy at Pondview Plaza and submitted a strong offer just below the asking price before finalizing the terms of the sale. Having long term tenants like DaVita Renal Center, Parker Adult Daycare and JFK Physical Therapy provided them with stability going forward.”
“Steve identified this off-market transaction and the value of its tenancies and their terms and gave his client a better than market cap rate as a result,” added Peter Wisniewski, Kislak Commercial’s executive vice president.
Located on a 4.69 acre site, the medical office space is housed in three separate structures consisting of single story buildings built in 1997 with ample parking at a ratio of 5.00/1,000 SF, including handicap and wheelchair accessible spaces. Currently at 96% occupancy, the buildings are located in a densely populated adult and residential area of Monroe Township, offering very favorable demographics for tenants.
The freestanding buildings have appealing features inclusive of French windows allowing for abundant natural light, high ceilings, reception and common areas, laboratory, central heating and air conditioning, and a courtyard. Other amenities include Wi-Fi, a security system and 24 hour building access along with monument signage.
The property is centrally located amid the towns of Cranbury, Manalapan, Princeton, Holmdel, East Windsor, So. Brunswick and Freehold – all within a 20 – 35 minute drive of the property.
“There is a need for medical office buildings in this area due to the strong demographics of retirees. The property is surrounded by Rossmoor, Clearbrook Park, Concordia and The Ponds, all very large active adult retirement communities,” added Gianis. Reena Forst, Esq., of Fischer, Porter and Thomas, P.C. represented the buyer.
Mr. Gianis is a rising star at Kislak. He joined the firm in Kislak in 2016 and specializes in commercial sales and leasing in northern and central New Jersey. Since joining Kislak, he has completed 25 transactions valued at nearly $20 million.
Kislak Commercial Real Estate Services, Inc. with offices in Basking Ridge, New Jersey is the commercial sales and leasing affiliate of The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, and is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 113th year, Kislak was among a select group of firms recognized as a 2018 Power Broker by CoStar Group, Inc. and this was the firm’s thirteenth consecutive recognition.
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