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Avatar Residential Drug Rehabilitation Center purchased a 13,336-square-foot medical building in East Brunswick for $2.1 million. zimmer associates Announced this week.
The state-of-the-art property is located at 585 Cranbury Road and has approximately 8,000 square feet of usable space.
The building was recently renovated with an investment of approximately $1 million and extensive upgrades, including replacing the roof and refurbishing the exterior, ensuring a state-of-the-art environment for healthcare providers and their patients. Future renovations may include interior renovations only.
The property also benefits from excellent signage and visibility on Cranbury Road and is conveniently located near hospitals such as Rutgers University and Robert Wood Johnson University Hospital, St. Peter’s University Hospital, Raritan Bay Medical Center and Hackensack Meridian JFK Medical Center.
Jordan Zimmel, vice president of Zimmel Associates, was particularly pleased with the sale and noted the difficulty involved.
“We found the listing for 585 Cranbury Road through a valued family friend, which presented us with some challenges,” he said. “The building had two existing tenants with eight months remaining on their leases, which posed a dilemma for potential investors. Some felt the remaining leases were too long, while others felt they were too short. Additionally, the 6,220-square-foot basement had no elevator, which was an accessibility issue for people in wheelchairs or with difficulty climbing stairs, making it unusable.”
Despite these challenges, Zimmel has managed to overcome these obstacles and achieve good results.
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