385 Prospect Ave. in Hackensack — Courtesy: Simone Development Cos.
By Joshua Burd
A medical office investor has made its entrance to New Jersey, acquiring a 62,000-square-foot building less than a mile from Hackensack University Medical Center.
The firm, Simone Development Cos., said it acquired the property at 385 Prospect Ave. in Hackensack in a recent bank auction. Terms were not disclosed.
Simone is now planning an extensive renovation of what’s known as Prospect Plaza, including new lobbies, common areas, façade work and energy management upgrades. The space is 52 percent occupied by a mix of tenants including the New Jersey Imaging Network.
Simone Development President Joseph Simone and Principal Joseph Deglomini Jr. arranged the acquisition on behalf of the firm, which has investments in New York City, Long Island and Westchester and Fairfield counties.
James D. MacDonald, vice president of leasing for Simone Metro Properties, is handling the leasing of the available space at the property. The firm is touting its location near Interstate 80, routes 17 and 4, the Garden State Parkway and the New Jersey Turnpike.
“The property at Prospect Plaza presented a unique opportunity to acquire a medical office building in a competition constrained market where existing medical office properties are more than 96 percent occupied,” MacDonald said. “The building is complemented by surrounding medical offices, senior-living communities and other health care specialists, and Hackensack has experienced a surge in multifamily development over the past five years, increasing the need for health care services in the area.”
