The sale of Patriot Plaza, a 65,658 square foot multi-tenant medical office building in Hackettstown, was completed thanks to JLL Capital Markets who helped orchestrate the transaction.
In an announcement Thursday, JLL said it represented the seller, a private company, in the sale to Kayne Anderson Real Estate and Remedy Medical Properties.
Patriot Plaza is 95% occupied and comprises 81.9% medical centers and 13.1% retail with eight unique tenants. The property is anchored by Atlantic Health Systema university health system affiliated with the Sidney Kimmel Medical College at Thomas Jefferson University.
The building also includes a two-operating room multi-specialty ambulatory surgical center which is an affiliate of Surgical Care Affiliates (“SCA”), owned by a subsidiary of UnitedHealth Group. The property’s tenant mix includes orthopedics, radiology, physiotherapy, oral and maxillofacial surgery, ophthalmology, podiatry, gastroenterology and general surgery.
Located at 57 US-46, 2.6 miles south of Hackettstown Regional Medical Center and 45 miles east of Manhattan, Patriot Plaza benefits from its proximity to top talent at 11 local colleges and universities. Additionally, with access to Route 46 as well as Interstate 80, the submarket is one of the Northeast’s most desirable commercial locations for pharmaceuticals, biotechnology, healthcare and education.
The JLL Capital Markets team representing the seller was led by Managing Director Brannan Knott, Director JB Bruno and Vice President Craig Parcells.