The Kislak Company, Inc. on Friday said it successfully the closed the $4,825,000 sale of 194 State Route 31, a high-visibility business center located in the heart of Hunterdon County.
The 15,232-square-foot complex, which features a mix of medical and retail space, was sold in an all-cash transaction that exceeded initial market expectations.
Kislak’s Senior Vice President Daniel Lanni managed the exclusive assignment on behalf of the seller, P-2 Real Estate Associates, LLC, and also secured the undisclosed purchaser.
Built in 2006, the two-story professional complex is situated just north of downtown Flemington. Its location is a significant driver of its value, sitting directly across from the Hunterdon Medical Center and offering easy access to major regional arteries including I-78, the Flemington Circle, and Routes 202 and 22.
The property is currently 100% occupied by a diverse roster of tenants, including:
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A regional bank branch
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Three specialized medical facilities
All tenants operate under triple-net (NNN) leases, a structure that provides the landlord with stable, hands-off income while tenants manage property-related expenses.
According to Lanni, the property’s combination of modern construction and a “recession-proof” tenant mix generated significant interest from the investment community.
“This was a highly competitive process in which we worked relentlessly to position the property in a way that maximized value for the seller,” Lanni said. “Given strong interest and multiple offers, we secured an all-cash buyer at a price that exceeded the initial market indicators.”
Lanni noted that the absence of financing contingencies allowed for a “fast and efficient closing,” providing the seller with maximum certainty in a shifting economic landscape.
The well-maintained facility offers premium features designed for professional and medical use:
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High Visibility: Extensive frontage on State Highway 31 with over 33,000 vehicles passing daily.
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Parking: An abundant ratio of five spaces per 1,000 square feet, essential for high-volume medical practices.
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Interior Quality: Professional finishes including carpeted and tiled flooring with ample natural window light.
