BGO, Anchor Buy New Jersey Medical Facility
A joint venture between BGO and Anchor Health Properties has acquired Seymour Plaza, a 40,785-square-foot medical outpatient facility in Montclair, N.J. Ironstate Development was the previous owner, according to CommercialEdge.
CBRE brokered the deal on behalf of the seller. Anchor Health will also provide property management services.
This marks the joint venture’s second purchase. Last year, the two companies partnered for the acquisition of a 70,418-square-foot medical facility in Sarasota, Fla.
READ ALSO: Challenges Create Opportunities, Says MOB Investor
Located at 1 Seymour St., the seven-story building comprises two floors of medical office space atop a five-story parking garage. Seymour Plaza came online in 2021 as a built-to-suit for Summit Health and is fully leased through September 2037. The facility features 63 exam rooms and a pediatric suite, providing audiology, immunology, thoracic surgery and allergy services.
The property is 8 miles from Newark’s city center and 16 miles from downtown Jersey City, N.J. Newark Liberty International Airport is some 14 miles away. Other medical providers in the area include Montclair Digital Dentistry, Stellar Smile Center and the 193-bed Hackensack Meridian Mountainside Center.
CBRE Vice Chairmen Jeffrey Dunne and Chris Bodnar, Executive Vice Presidents Doug Rodio and Brannan Knott, along with Senior Financial Analyst Travis Langer, represented the seller.
The medical office building inventory is set to grow by 10.6 percent over the next five years, according to a JLL report. Despite economic uncertainties affecting the commercial real estate sector, medical office continues to be fueled by positive long-term fundamentals, primarily by the aging population.
The post BGO, Anchor Buy New Jersey Medical Facility appeared first on Commercial Property Executive.
