Madison Avenue Medical Plaza, a boutique medical office building located at 310 Madison Avenue in Morristown, was sold to an affiliate of Pentaurus Properties for $13.2 million.
Cushman & Wakefield’s David Bernhaut, Gary Gabriel, Frank DiTommaso, Andrew Schwartz, Jordan Sobel, Bill Baunach, Andre Balthazard and Dan Bottiglieri represented the seller, The Silverman Group, and procured the buyer.
The three-story, 58,440-square-foot facility occupies 4.5 acres in one of Northern New Jersey’s most prominent medical corridors, positioned just one mile from the highly rated Morristown Medical Center. Boasting 100% occupancy, the plaza is home to 12 medical tenants, including Morristown Medical Center Radiology, Barnabas Health Medical Group, Vista Pain Consultants and National VIP Centers Management.
Built in 1985, the property stands out due to its excellent visibility along Madison Avenue, ample on-site parking with 217 spaces, and convenient access to major roadways such as I-287 and Route 24.
“310 Madison is well-positioned within one of the most robust medical submarkets in Northern NJ characterized by an affluent and dense population, limited medical space availability and a growing presence around the Morristown Medical Center,” DiTommaso said.
Sobel added, “Madison Avenue Medical Plaza represents a stable, high-yield investment opportunity due in part to its exceptional tenant base and location. The strong fundamentals of the Morristown medical submarket continue to drive demand, as well as investor interest.”
“Since owning and repositioning this asset, our firm has always seen consistent leasing activity as well as tenant retention due the building’s excellent location and close proximity to Atlantic Hospital,” Blake Silverman, president of the Silverman Group said.
“We are very bullish on Morristown. While the area has huge demand for both traditional and medial office, the supply of medical space is scarce. You could not ask for a better location or tenant base. We plan to update the property and secure its status as a premier medical facility for the long-term” Austin Rolnick, a representative of the new ownership group, said.
