Millennium Eye Care and Freehold Surgical Center

Project Overview

Physician Real Estate Capital Advisors (“PRECAP”) advised on the $8.2 million closing of the Millennium Eye Care and Freehold Surgical Center, located adjacent to the 284-bed CentraState Medical Center in Freehold, New Jersey. PRECAP Managing Principal Scott Niedergang and JDS Real Estate Services, Inc. represented both the seller, a physician partnership, and the buyer, a publicly registered real estate investment trust focused on acquiring a diversified portfolio of healthcare real estate.

The 25,164 square-foot, three-tenant facility is 100% occupied by Millennium Eye Care, Freehold Surgical Center, and Schubel Chiropractic. Prior to the sale, both Millennium Eye Care and Freehold Surgical Center were acquired by Prism Vision Group, a physician-lead administrative service organization that partners with eye care practices throughout the United States.

In addition to executing the marketing and sale of the property, PRECAP also assisted in the negotiation of new, 10-year leases with annual rent escalations, between the physician owners and their new Prism Vision Group-affiliated tenants.

We would highly recommend Scott Niedergang for the sale of a medical office building. He carried us through the process step-by-step and his knowledge of the healthcare real estate market was invaluable.

Steven Mishkin, MD | Millennium Eye Care