Investors can acquire individual or multiple assets or enter into a joint venture with the existing owner; offers must be submitted by October 18
MELVILLE, N.Y., Sept. 29, 2022 /PRNewswire/ — A&G Real Estate Partners is now accepting offers on nine medical office properties in northern New Jersey and one each in Mount Kisco, New York, and Miramar, Florida.
Prospective buyers can purchase individual assets or acquire all 11 properties. Alternately, the current owner—a medical doctor who built the portfolio over the last 10 years—would consider a joint venture.
All offers must be submitted by October 18.
“The owner has signed several new tenants recently and enjoys good working relationships with the rest,” noted A&G Co-President Emilio Amendola, who heads the New York-based firm’s real estate sales division.
“The portfolio, which has been historically under-managed because of cash-flow disruptions, is now primarily stabilized while still offering significant upside on several of the buildings,” Amendola said. “With reinvestment capital and professional approaches to leasing and management, buyers of any of these properties could achieve a healthy return on their investment.”
The New Jersey properties are in Oradell, Carlstadt, Hackensack, Jersey City, Glen Rock, Roseland and New Brunswick, along with two buildings in Fair Lawn.
The average building size, including assets in Mount Kisco, NY, and Miramar, FL. is about 27,000 square feet.
“Current tenants include labs, dental practices, business offices and regional surgery centers. New leases have just been signed that will increase revenue by more than $1 million,” Amendola said.
The 310,290-square-foot portfolio is 82 percent leased, with 12-month projected net operating income of approximately $5.5 million. Net Incomes on an individual property basis range from $150,000 to over $1,250,000 per year.
All 11 properties are in dense, well-populated markets with easy access to nearby hospitals and specialty clinics. For example, the 12,660-square-foot medical office building at 215 Easton Ave. in New Brunswick is across the street from Saint Peter’s University Hospital and serves as the cancer treatment center for this regional medical center.
The 72,715-square-foot medical office at 103-105 South Bedford Rd. in Mount Kisco is a quarter of a mile from Northwell Health’s Northern Westchester Hospital—a highly developed area with a high barrier to entry for new competitors.
To submit offers and for further information, visit http://www.agrep-sales.com/medicaloffice or contact Emilio Amendola, (631) 465-9507, emilio@agrep.com; Jamie Cote, (312) 203-6321, jcote@agrep.com; Katie Decoste, (773) 615-1292, kdecoste@agrep.com; or Christian Koulichkov, (617) 335-3940, ckoulichkov@agrep.com.
Press Contacts for A&G: Jaffe Communications (908-789-0700), Elisa Krantz, 345661@email4pr.com.
SOURCE A&G Real Estate Partners
