A&G Real Estate Partners markets a portfolio of 11 medical office buildings

A&G Real Estate Partners announced the commercialization of a portfolio of 11 medical practices comprising nine properties in northern New Jersey, as well as individual assets in Mount Kisco, New York, and Miramar, Florida.

The 310,290 square foot portfolio is 82% leased, with a projected 12-month net operating income of approximately $5.5 million. The owner – a doctor who has built the portfolio over the past 10 years – is open to a joint venture or other proposals, said Emilio Amendola, co-chairman of A&G.

“These properties retained most of their tenants during the worst days of the pandemic, and the landlord continues to have a positive relationship with them,” said Amendola, a 30-year veteran of real estate optimization. “They have signed several new tenants over the last two months and the portfolio is evolving positively. However, the owner realized he needed a financial partner to take the portfolio to the next level with a capital injection.

New Jersey properties are in Oradell, Carlstadt, Hackensack, Jersey City, Glen Rock, Roseland and New Brunswick, as well as two buildings in Fair Lawn. The average building size, including the Mount Kisco and Miramar assets, is approximately 27,000 square feet.

Current tenants include laboratories, dental offices, business offices and regional surgical centers. New leases have just been signed, which will increase revenue by more than $1 million, Amendola said.

The 11 properties are located 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 Avenue in New Brunswick is across from St. Peter’s University Hospital and serves as the cancer treatment center for St. Peter’s.

The 72,715 square foot doctor’s office at 103-105 South Bedford Rd. in Mount Kisco is 400 meters from Northwell Health’s Northern Westchester Hospital. “This is a highly developed area with a high barrier to entry for competing products,” Amendola noted.

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