Colliers represented the buyer and seller in the sale-leaseback of the two-story ambulatory surgery center/medical outpatient building in Lawrenceville.
LAWRENCEVILLE, NJ, October 24, 2023 – Colliers is pleased to announce the $8 million-dollar sale of a 20,000-square-foot core asset located at 2A Princess Road in Lawrenceville, NJ. Colliers Senior Vice President Kim Kretowicz of USA Capitals Market Group/Healthcare Services represented the buyer, WELL TPI JV LLC., and the seller, 2 Princess Road MAB Associates, in the sale-lease back closed at $8 million, $400 per square foot with a 6.75% cap rate.
The Lawrenceville 20,000 sf healthcare facility is a fully leased two-story building with the majority being occupied by the Seller, Mercer County Surgery Center, outpatient ambulatory surgical center dedicated to a broad range of surgical procedures serviced by over forty physicians which Virtua Health recently completed a majority stake acquisition in. Last year, the center was named the #1 ambulatory surgery center in New Jersey and the 15th best ambulatory surgical center in the United States by Newsweek Magazine. Virtua Health is an award-winning comprehensive community health care system with 5 hospitals and 270+ locations in South New Jersey and Philadelphia area. Mercer-Bucks Orthopaedics (MBO), comprehensive orthopedic practice, occupies the entire second floor.
Mercer-Bucks Orthopaedics has been serving the New Jersey area since 1988 offering diagnostic, surgical, and non-surgical procedures along with rehabilitative physical and occupational therapy. Mercer-Bucks has five practice locations across New Jersey and Pennsylvania.
Thomas Park is a Maryland-based full service commercial real estate firm offering alternative investment strategies and third-party commercial real estate services. Thomas Park Investments is one of the fastest growing private equity real estate investments firms on the East Coast specializing in healthcare real estate. The full-service firm has $300 million in assets under management focused on acquiring core plus and value-added outpatient medical office buildings. Thomas Park Management manages over 8.5 million square feet of commercial space along the East Coast, with a track record of 30 years in the industry.
Based in Ohio, Welltower is a real estate investment trust that executes healthcare infrastructure transformation. The trust has become known for its unparalleled relationship network and premier healthcare real estate portfolio. The trust currently has a market capitalization of $30 billion, with offices in Texas, California, New York City, London, and Toronto. The firm’s portfolio has 1,400 properties through the United States, Canada, and the United Kingdom.
Let us know if you’re interested in speaking with Kim Kretowicz about this deal or other commercial real estate market trends.
Media Contact:
Paola Iuspa-Abbott on behalf of Colliers South Florida
Top of Mind PR paola@topofmind-pr.com
305-726-5848
Maria Russo
Senior Marketing Manager, South Florida maria.russo@colliers.com
561-549-9460
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $99 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
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