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Office Medical

RWJBarnabas Health Anchored MOB

30-40 Corbett Way, Eatontown, NJ 07724

Listing Price: $8,900,000

Cap Rate
5.00%
Gross SF
24,064
Rentable SF
24,064
Price/Gross SF
$369.85
Occupancy
100.0%
Year Built
2000
Lot Size
2.22 acres

Investment Overview

The subject property is a Class A Medical Office building located in Eatontown, NJ. This two story, 24,064 square foot building sits on 2.22 acres of land and is 100% occupied by six tenants. Over 75% of the building is occupied by medical tenants with the most notable tenant being RWJBarnabas Health, which occupies almost a quarter of the building. This location offers services relating to Pulmonology and Sleep Medicine. RWJBarnabas is the largest academic healthcare system in New Jersey after the recent partnership with Rutgers University. Being one of the top cardiac surgery centers along with having one of the nations most comprehensive robotic surgery services, RWJBarnabas is a world-class healthcare system and the leading academic health system in New Jersey. They have been a tenant in the building since 2003 and have an A+ S&P Credit Rating. The newest and largest tenant in the building is SeaCoast Spine & Sports Medicine who occupies over 25% of the building. Originally leasing half of the space, SeaCoast Spine just signed an extension to double their space to over 6,000 square feet along with extending the lease an additional four years showing commitment to the location. SeaCoast offers interventional pain management options along with physical therapy and chiropractic care at this location. The property also offers ample parking with 120 parking spots. This medical office building is conveniently located between Route 18 (ADT: 37,126) and Route 35 (ADT: 34,321) offering easy access to the Garden State Parkway and Route 36. The property is located just off of Industrial Parkway West, where there is over 2.5 million square feet of office and industrial space. Located just one mile north of the property is the Monmouth Mall, which contains over 1.1 million square feet of retail space including Macy’s, JC Penney, AMC Theaters, Boscov’s, and more. Route 36 (ADT: 49,853) is just two miles from the property and provides access to a major retailers including The Home Depot, T.J. Maxx, Best Buy, Petco, Michaels, Dick’s Sporting Goods, Bed Bath & Beyond, numerous car dealerships, and more. The property has strong demographics with over 160,000 people living within a 5-mile radius and an average household income that exceeds $122,000. Newark Liberty International Airport is 45 miles away and New York City is roughly 52 miles north of the property.

Investment Highlights

  • Class A Medical Building
  • 100% Occupied by 6 Tenants
  • Over 75% Occupied by Medical Tenants

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (201) 742-6100

    License(s) NJ: 1434917

    New Jersey

Office Medical

RWJBarnabas Health Anchored MOB

Listing Price: $8,900,000

Cap Rate
5.00%
Gross SF
24,064
Rentable SF
24,064
Price/Gross SF
$369.85
Occupancy
100.0%
Year Built
2000
Lot Size
2.22 acres

Investment Highlights

  • Class A Medical Building
  • 100% Occupied by 6 Tenants
  • Over 75% Occupied by Medical Tenants

Investment Overview

The subject property is a Class A Medical Office building located in Eatontown, NJ. This two story, 24,064 square foot building sits on 2.22 acres of land and is 100% occupied by six tenants. Over 75% of the building is occupied by medical tenants with the most notable tenant being RWJBarnabas Health, which occupies almost a quarter of the building. This location offers services relating to Pulmonology and Sleep Medicine. RWJBarnabas is the largest academic healthcare system in New Jersey after the recent partnership with Rutgers University. Being one of the top cardiac surgery centers along with having one of the nations most comprehensive robotic surgery services, RWJBarnabas is a world-class healthcare system and the leading academic health system in New Jersey. They have been a tenant in the building since 2003 and have an A+ S&P Credit Rating. The newest and largest tenant in the building is SeaCoast Spine & Sports Medicine who occupies over 25% of the building. Originally leasing half of the space, SeaCoast Spine just signed an extension to double their space to over 6,000 square feet along with extending the lease an additional four years showing commitment to the location. SeaCoast offers interventional pain management options along with physical therapy and chiropractic care at this location. The property also offers ample parking with 120 parking spots. This medical office building is conveniently located between Route 18 (ADT: 37,126) and Route 35 (ADT: 34,321) offering easy access to the Garden State Parkway and Route 36. The property is located just off of Industrial Parkway West, where there is over 2.5 million square feet of office and industrial space. Located just one mile north of the property is the Monmouth Mall, which contains over 1.1 million square feet of retail space including Macy’s, JC Penney, AMC Theaters, Boscov’s, and more. Route 36 (ADT: 49,853) is just two miles from the property and provides access to a major retailers including The Home Depot, T.J. Maxx, Best Buy, Petco, Michaels, Dick’s Sporting Goods, Bed Bath & Beyond, numerous car dealerships, and more. The property has strong demographics with over 160,000 people living within a 5-mile radius and an average household income that exceeds $122,000. Newark Liberty International Airport is 45 miles away and New York City is roughly 52 miles north of the property.

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (201) 742-6100

    License(s): NJ: 1434917

    New Jersey

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