A rendering of a new multiservice medical office center at 757 Route 15 in Jefferson Township — Courtesy: CBRE
By Joshua Burd
A developer has acquired a vacant former supermarket property in Morris County, where it’s now planning a multiservice medical office center.
Brokers with CBRE announced the sale of 757 Route 15 in Jefferson Township after representing the buyer, 757 Route 15 Realty LLC, in the $1.87 million transaction. The developer acquired the eight-acre site from Jefferson Sebastian-Parsippany LLC.
“The new owner was attracted to the asset due to its ideal location at a traffic light with frontage on Route 15 South and the opportunity to redevelop the site for medical use to service the growing Jefferson Township/Sparta region,” said CBRE’s Thomas Mallaney, who brokered the sale alongside Denise Kokulak. “When the project is completed, it will be a central location servicing the entire North Morris, Lake Hopatcong and Sussex County area.”
Mallaney noted that the site originally housed a Pathmark grocery store. Completion of the new development is now slated for next summer.
“Tom’s efforts were critical in the acquisition of 757 which culminated a three year search for a northern Morris County location,” said Andrew Billing, the property’s new owner.
