NEW JERSEY, MAY 25, 2021 – Colliers (NASDAQ and TSX: CIGI) announces that it has facilitated the $20 million sale of a two-building, 80,000-square-foot multi-tenant medical office portfolio. Located in East Windsor, New Jersey, 300 A and 300 B Princeton Hightstown Road were sold by Gordon Princeton Mab Associates, an affiliate of The Gordon Group. Based in Linden, New Jersey The Gordon Group is a leading developer, manager and owner of medical office buildings (MOBs). 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 a flight to safety.” said Kretowicz. The asset class has many tail winds 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 square feet, at one point having the distinction of being the largest medical office owner in New Jersey. In addition to their MOB portfolio, the firm represents institutional clients, public work developments, healthcare systems and private specialty practices in project development, general contracting, construction management, and the design and build of industrial, retail, office, public works and institutional facilities.
OrbVest has a strong track record and a portfolio of specialized medical real estate under management of >$340 million, the firm acquires profitable medical office commercial buildings in fast growing locations across the United States, raising equity from limited partners from over 20 countries around the globe. Wythe Capital LLC is a fully integrated owner, operator, and manager of medical office buildings. Wythe strives to provide its tenants with a high-quality environment for their employees and patients. Since its founding in 2009, Wythe has provided its investors with consistent and superior risk adjusted returns.
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Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
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