Colliers has successfully facilitated the sale of 197 Hance Avenue, a highly specialized medical property in Tinton Falls formerly occupied by the Red Bank Veterinary Hospital.
The transaction was managed by a Colliers team led by Vice Chair Jacklene Chesler, Senior Vice President Patrick Norris, and Transaction Manager Brittity Leventoff. The team represented the seller and utilized a competitive auction process on Ten-X.com to secure a buyer for the distinctive asset.
Despite the property’s unique infrastructure, the auction attracted a dozen registered bidders, including a mix of owner-users, investors, and developers. The building’s specialized medical layout and 33 underground parking spaces made it a standout opportunity for those looking to capitalize on Monmouth County’s robust health care corridor.
“This was a one-of-a-kind property, and finding the right buyer required a tailored approach,” Jacklene Chesler, vice chair at Colliers said. “Our team went above and beyond to market the property strategically and connect the seller with a buyer who truly recognized the value of what this facility has to offer.”
Located just two miles from Downtown Red Bank, the facility is positioned in a healthcare-dense region. Its proximity to major transportation and providers was a key driver of interest:
- Transit Access: Situated near Exit 109 on the Garden State Parkway.
- Medical Neighbors: Only two miles from the 450-bed Hackensack Meridian Riverview Medical Center.
- Provider Network: Access to over 3,500 medical providers and 2,100 physicians within a 10-mile radius.
The sale underscores the continued demand for medical office and specialized healthcare spaces in suburban New Jersey. Following this success, the Colliers team is currently marketing a similar asset at 1150 Route 22 East in Bridgewater, which also offers flexible zoning and strong potential for medical occupancy.
For more information regarding specialized medical listings, interested parties are encouraged to contact the Colliers team.
