175 Morristown Road in Basking Ridge — Courtesy: Cushman & Wakefield
By Joshua Burd
A private investor has purchased a more than 26,000-square-foot medical office building in the Basking Ridge section of Bernards Township, brokers with Cushman & Wakefield announced.
According to a news release, the property at 175 Morristown Road is a fully occupied by a mix of both health care and professional office users. They include anchor tenant Franklin Surgical Center, a high-volume ambulatory facility affiliated with SCA Health, a subsidiary of Optum and part of UnitedHealth Group, alongside established specialty practices in oral surgery, dermatology and general dentistry that support consistent patient traffic and recurring outpatient care demand.
Cushman’s Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented both the seller, S/K BR Associates LLC, and the undisclosed buyer, in the transaction. Terms were not disclosed.
“175 Morristown Road drew a deep buyer pool because it offered durable medical tenancy, long-term income stability and clear upside within an established northern New Jersey health care corridor,” Bottiglieri said. “The process generated more than 10 offers and ultimately resulted in an all-cash buyer that was able to close immediately after the conclusion of due diligence, underscoring the strength of demand for well-leased boutique medical office assets.”
Located on a 5.84-acre site, the 26,063-square-foot, two-story building has medical office infrastructure including heavy power capacity, full sprinkler coverage, a passenger elevator and recently upgraded HVAC systems, the news release said. The property also has 107 parking spaces and some 720 feet of frontage along Morristown Road.
Other tenants include Ridge Oral Surgery, American Dental Arts, Henning Dermatology Group and WB Wood Office Environments, all of which benefit from access to a highly educated and affluent patient base and proximity to major regional health care demand drivers such as Morristown Medical Center and Lyons VA Medical Center, C&W said. The site also has convenient access to Route 202 and Interstate 287.
