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7.25% Cap Medical Office/Retail Complex - Lacey Township NJ

Listing was updated on: 10/08/2019
7.25% Cap Medical Office/Retail Complex - Lacey Township NJ 7.25% Cap Medical Office/Retail Complex - Lacey Township NJ

Property Overview

Price/Rent PSF $ 9,996,913.00
Asset Type Mixed use
Trade Type Sale
SQ. FT. Available 36,000
Date Available 10/08/2019
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Description

Contact Kim Kretowicz for a confidentiality agreement to receive the full offering memorandum. Colliers International NJ LLC, as exclusive broker, is pleased to represent the fee-simple interest in FIELD CREST COMMONS, 34-44 Manchester Avenue, (Forked River) Lacey Township, NJ, a mixed use medical office/ retail complex offering stable cash flow and value add opportunity. This asset offers diverse, credit rated Medical and Retail tenants. Field Crest Commons - is comprised of a Class B 18,000+ SF Medical office complex that is approximately 74% occupied and 100% leased Class B 18,000+ SF Retail center with two additional approved / improved pad sites on a total of 6.58 acres. OFFERING SUMMARY The tenancy is highlighted by RWJ Barnabas, Hackensack Meridian Health and regional fast-casual restaurants Surf Taco and Playa Bowls. The property’s location underscores the investment stability by being situated in the center of many township and residential complexes that drives frequent customer visits/ traffic to the center daily and offers immediate access to Lacey Road, Route 9 and the Garden State Parkway. FIELD CREST COMMONS Price $9,996,913 Gross SF 36,000 RSF 43,600 RSF/Pad Sites Net Operating Income $725,599 Price/SF $277.69 $229.28/Pad Sites SF Year Built 2008 Lot Size 6.58 Acres Cap Rate Year 1 7.25% Mixed Use Complex Medical Office/Retail capturing large portions of the area’s growing population Credit rated RWJ Barnabas, Hackensack Meridian Health tenancy Regional fast-casual restaurant’s Surf Taco, Playa Bowls with strong franchise operators Roll-over exposure is mitigated with staggered rent expirations Stabilized cash flow with value-add vacancy 2 Value-add pad sites adding an additional 7,600 RSF Minimum management obligations Quality construction

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