(Mark Your Calendars: RealShare New Jersey 2011, September 13 in New Brunswick)
VERNON, NJ-The fully occupied Vernon Medical Arts Building at 212 Route 94 here has been sold for $2.3 million, according to CB Richard Ellis, which represented the buyer.
The building offers the only fully outfitted urgent care facility for the community. Services include an on-site X-ray and laboratories, ultrasounds, intravenous therapy and a surgical suite, according to a medical website.
"This was a unique opportunity for the buyer to acquire a well-located, fully-occupied medical facility in an all-cash, 1031 Exchange via a short sale," said Charles Berger of CBRE’s Private Capital Group, in a press release. "The buyer plans to renovate and improve the site, extend the current leases and hold the building in the long-term for investment purposes."
The 19,000-square foot, two-story facility was built in 1988. Rents have ranged from $20 per square foot to $60 per square foot, according to real estate sites.
"This is further proof that there has been an increase in activity in the 1031 Exchange arena and buyers are actively seeking income-producing investment properties," added Elli Klapper, of CBRE’s Outer Borough office, in the release.
The property also features rooftop air-conditioning units, gas and electric meters for each unit, as well as a new oversized hot water heater. The site currently has a septic tank and well, but the town plans to connect sewer lines in the future.
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