347 Mount Pleasant Ave. in West Orange — Courtesy: Newmark Associates
By Joshua Burd
A buyer has paid $9.5 million for a 50,400-square-foot medical and professional office building in West Orange, with plans to bring a surgery center to a portion of the property.
Brokers with Newmark Associates announced the sale of 347 Mount Pleasant Ave., having represented 347 Mt. Pleasant Ave LLC in the transaction. The purchaser will open the planned surgery center on the building’s third floor, seeking to capitalize on the site’s accessibility and its proximity to Saint Barnabas Medical Center.
Newmark Vice President Charles Ritschel and Senior Sales Associate Courtney Brooke Rosenkrantz represented the seller.
“We extensively marketed the property and received interest from both users and investors,” Rosenkrantz said. “After receiving multiple bids, it was determined that the Surgical Center was the ideal fit for the property.”
Built in 1979 as part of an Organon pharmaceutical campus, the building was subsequently upgraded and became 97 percent occupied by medical and professional tenants with long-term leases, Newmark said. The property is close to the region’s robust retail and hospitality offerings and is less than 10 minutes from the South Orange and Highland Avenue train stations.
