News provided by A&G Real Estate Partners
11-property portfolio boasts potential for strong returns via an equity infusion and more focused approach to management and leasing, says A&G Co-President Emilio Amendola
MELVILLE, N.Y., Aug. 4, 2022 /PRNewswire/ -- A&G Real Estate Partners is marketing an 11-property medical office portfolio that includes nine properties in northern New Jersey, along with individual assets in Mount Kisco, New York, and Miramar, Florida.
The 310,290-square-foot portfolio is 82 percent leased, with 12-month projected net operating income of approximately $5.5 million. The owner—a medical doctor who built the portfolio over the last ten years—is open to a joint venture or other proposals, said Emilio Amendola, A&G Co-President.
"These properties retained most of their tenants during the worst days of the pandemic, and the landlord continues to enjoy a positive relationship with them," said the 30-year veteran of real estate optimization. "They've signed several new tenants in the past couple of months and the portfolio is trending positively. However, the ownership has come to the realization that they need an equity partner to bring the portfolio to the next level with a capital infusion."
The New Jersey properties are in Oradell, Carlstadt, Hackensack, Jersey City, Glen Rock, Roseland and New Brunswick, along with two buildings in Fair Lawn. The average building size, including the Mount Kisco and Miramar assets, is about 27,000 square feet.
Current tenants include labs, dental practices, business offices and regional surgery centers. New leases have just been signed that will increase revenue by over $1 million, Amendola said.
All 11 properties are in dense, well-populated markets with easy access to nearby hospitals and specialty clinics. For example, the 12,660-square-foot medical office building at 215 Easton Ave. in New Brunswick is across the street from St. Peter's University Hospital and serves as the cancer treatment center for St. Peter's.
The 72,715-square-foot medical office at 103-105 South Bedford Rd. in Mount Kisco is a quarter of a mile from Northwell Health's Northern Westchester Hospital. "This is a highly developed area with a high barrier to entry for competitive product," Amendola noted.
"Thanks to the aging of the U.S. population and the push to be as close as possible to where patients live, the medical office sector is poised for further growth," he continued. "It's part of what makes this portfolio such a strong investment opportunity."