Facility Consists of Three Healthcare Tenants
Somers Point, NJ—Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm, closed the $6,863,259 sale of Shore Health Park located at 401 Bethel Road. The healthcare asset includes Shore Physicians Group Primary Care, Jersey Shore Ambulatory Center, and Jersey Urology Group. Associate Josh Cordray and First Vice Presidents and Senior Directors Rahul Chhajed and Michael Moreno represented the seller in the transaction.
Shore Health Park is located in an affluent neighborhood on a high traffic street, seeing over 19,000 cars daily with easy access to the Garden State Parkway. The property offers below-market rents, at $19 per square feet, and strong lease guarantees. The seller, a private healthcare investor, developed the property, which has been in their possession for over 20 years. Shore Health Park was acquired by a local New-York-based investor looking to expand their healthcare portfolio in the tri-state area.
“The property had been a stable cash flowing asset for the seller but needed the proceeds to fund another project. We ran a full marketing process and were able to get it sold at a great price,” said Cordray.
Shore Health Park offers services for cancer, cardiovascular, neurological, orthopedic, emergency, maternity, and pediatric healthcare. Built in 2002, the healthcare asset totals 24,490 square feet and is a staple in Atlantic, Ocean, and Cape May counties.
“This deal took place in a challenging interest rate environment, but we were able to leverage the property’s location, strong-performing tenants, and good cash flow to close the deal and meet the needs of each party,” said Moreno.
“Our extensive marketing and combined networks helped us get this deal across the finish line,” said Chhajed.
For more information, or to contact agents, please visit www.matthews.com.
Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 500 agents and support staff in 15+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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