Press Releases
Marcus & Millichap Brokers $2.45 Million Sale of Medical-Anchored Office Building in Bridgewater New Jersey
August 15, 2024
BRIDGEWATER, N.J., August 15, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of an eight-tenant medical office building in Bridgewater, New Jersey, for $2,450,000.
"Although the office market has been somewhat challenging over the last few years, we continue to see strong demand for quality assets in prime locations. With a robust anchor tenant and more than 103,000 vehicles passing the property daily, it's no surprise that 350 Grove garnered significant interest from our investors," said Brent Hyldahl, first vice president investments. "We are very happy to have completed the transaction for both the buyer and the seller."
Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, SRV Realty. The buyer, HDJ Property, was procured by Hyldahl, Cafiero and Devin Perez.
The medical office property is located at 350 Grove Street, situated along Route 22 with a daily traffic count of more than 103,000 vehicles. The 16,000-square-foot building is anchored by Concentra Occupational Health, a long-term tenant since 2007 that specializes in occupational health, physical therapy, and urgent care. The property also houses a diverse mix of other medical and professional service providers.
"Although the office market has been somewhat challenging over the last few years, we continue to see strong demand for quality assets in prime locations. With a robust anchor tenant and more than 103,000 vehicles passing the property daily, it's no surprise that 350 Grove garnered significant interest from our investors," said Brent Hyldahl, first vice president investments. "We are very happy to have completed the transaction for both the buyer and the seller."
Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, SRV Realty. The buyer, HDJ Property, was procured by Hyldahl, Cafiero and Devin Perez.
The medical office property is located at 350 Grove Street, situated along Route 22 with a daily traffic count of more than 103,000 vehicles. The 16,000-square-foot building is anchored by Concentra Occupational Health, a long-term tenant since 2007 that specializes in occupational health, physical therapy, and urgent care. The property also houses a diverse mix of other medical and professional service providers.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
