{"id":1004265041,"date":"2018-09-14T02:18:28","date_gmt":"2018-09-14T10:18:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004265041"},"modified":"2022-12-08T22:50:11","modified_gmt":"2022-12-09T06:50:11","slug":"new-jersey-mob-complex-fetches-135m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-jersey-mob-complex-fetches-135m\/","title":{"rendered":"New Jersey MOB Complex Fetches $135M"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004265074\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Atlantic-Health-System-Campus.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004265074\" data-attachment-id=\"1004265074\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-jersey-mob-complex-fetches-135m\/atlantic-health-system-campus\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Atlantic-Health-System-Campus.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Atlantic Health System Campus\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Atlantic Health System Campus&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Atlantic-Health-System-Campus.jpg?w=800\" class=\"wp-image-1004265074 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Atlantic-Health-System-Campus.jpg\" alt=\"Atlantic Health System Campus\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Atlantic-Health-System-Campus.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Atlantic-Health-System-Campus.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Atlantic-Health-System-Campus.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004265074\" class=\"wp-caption-text\">Atlantic Health System Campus<\/p><\/div>\n<p>National Business Parks Inc. has sold a 538,100-square-foot medical office complex in Morristown, N.J., in the largest medical office sale in New Jersey year-to-date. Harrison Street Real Estate Capital paid&nbsp;approximately $135.1 million for the three-building asset, according to Morris County records.<\/p>\n<p>Carrying the addresses of 435, 465 and 475 South St., the Class A complex is 93 percent leased to Atlantic Health System, which maintains its flagship hospital 1 mile from the property. Commercial real estate and capital markets services provider HFF marketed the group of MOBs on NBP\u2019s behalf and represented the real estate company in the sale transaction as well. The price tag attached to the buildings is indicative of the current state of investment sales in New Jersey\u2019s MOB sector.<\/p>\n<p><em>\u201cThere are not enough opportunities like this one,\u201d<\/em> Jose Cruz, senior managing director with HFF, told <em>Commercial Property Executive<\/em>. <em>\u201cYou don\u2019t see as many opportunities with quality, location and credit [tenancy]. Overall, this type of product is in high demand today.\u201d<\/em><\/p>\n<p>In addition to Cruz, the HFF investment advisory team that closed the deal for NBP included Senior Director Ben Appel, Managing Director Evan Kovac and Associates Matthew DiCesare and J.B. Bruno.<\/p>\n<h2>MOB mania<\/h2>\n<p>On a national level, the MOB sector is <a href=\"https:\/\/www.commercialsearch.com\/news\/picture-of-health\/\">attracting a great deal of investor interest<\/a>, having moved from a niche property type to a progressively coveted asset class. <em>\u201cThe [U.S.] medical office sector continues to attract investors due to its long-term stability, strong leasing fundamentals, and the outlook for increasing consumer demand for medical services,\u201d<\/em> according to a mid-year 2018 report by commercial real estate services firm Avison Young. <em>\u201cThis sector, which has been in a growth mode for nearly 10 years, is considered recession-resistant due to its ties to the healthcare industry.\u201d<\/em><\/p>\n<p>MOB sales in the first half of 2018 totaled approximately $4.4 billion in the U.S., with Harrison Street ranking third on the list of the top buyers over the last 24 months. Among Harrison Street\u2019s acquisitions this year is the 439,000-square-foot, Chicago-area DuPage Medical Group Portfolio, which the real estate investment management firm acquired for $240 million in June.<\/p>\n<p><em>Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the assistance of HFF, National Business Parks sold the 538,100-square-foot Morristown asset in the state\u2019s largest medical office sale of 2018 to date. <\/p>\n","protected":false},"author":969,"featured_media":1004265074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21754,21742,10],"tags":[33022,36591,32792,33270],"class_list":["post-1004265041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-medical-office","category-latest","category-northeast","tag-avison-young","tag-harrison-street-real-estate-capital","tag-hff","tag-jose-cruz"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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