CBRE today announced it has arranged the $27 million acquisition of three properties—1200, 1210 and 1220 Route 22 E in Bridgewater, NJ. Treetop, a leading real estate investment and development firm, acquired the properties from Bridgemark Hospitality.
The CBRE Tri-State Investment Properties team of Elli Klapper, Charles Berger, Jeremy Wernick, and Mark Silverman worked in conjunction with Advisory & Transaction’s Donald Sperling to bring the transaction to a successful conclusion.
“This unique assemblage sale combines two very different types of transactions,” said Mr. Klapper. “Treetop not only purchased a fantastic value-add medical office building, but they also purchased two adjacent land lots for future development.”
“Developers and investors recognize the importance of a strong in-place income stream, but also see the crucial need for developable land in today’s volatile market,” added Mr. Berger. “Since the pandemic there has been a major shift towards development, especially ones in strategic locations with excellent proximity to major transportation options.”
“We are excited about the opportunity to purchase a well maintained and well occupied cash flowing asset while we seek the approvals to construct an industrial building on the adjacent vacant land,” said Azi Mandel, principal of Treetop Development.
1200-1220 Route 22 E is located just minutes from I-287, providing direct access to major thoroughfares throughout New Jersey and New York and Port Newark/Elizabeth. Its last mile location is within close proximity to the strongest consumer markets in the Northeast.
