By Joshua Burd
Atlantic Health System has acquired a 92,326-square-foot property in Rockaway for nearly $26 million, becoming an owner-occupier at a site that already houses many of its medical services.
The hospital network and brokers with JLL announced the $25.9 million transaction at 333 Mount Hope Ave., also known as the Morristown Medical Center Health Pavilion. The location, which opened in 2016, provides care for more than 11,000 patients monthly and is now slated for an expansion under Atlantic’s ownership.
JLL Senior Managing Director Jose Cruz and Director Ben Appel led the capital markets team representing the seller.
“With an already strong demand from the community at the Pavilion at Rockaway, we decided to fully invest in the location, allowing us free rein to enhance the services there to better meet the needs of our patients,” said Paul Marmora, vice president for ambulatory care for Atlantic Health System.
In a news release, JLL noted that the location provides services for patients from Mount Arlington, Denville, Dover, Boonton, Morris Plains, Wharton, Roxbury and Randolph. The location is also convenient for people commuting through the town and is easily accessible from major highways, with a location next to the Rockaway Town Square Mall.
Atlantic Health System had been the sole tenant of the building and bested offers from 19 other potential buyers, JLL said, as it saw great value in owning the building outright to expand its services and meet the health needs of the community.
The hospital network now plans to add an ambulatory surgery center and more exam rooms for expanded services in the coming months.
“Since it opened in 2016, the Health Pavilion has seen incredible growth, which speaks to the demand for Morristown Medical Center’s nationally recognized programs and services in the Rockaway area,” said Trish O’Keefe, president of Morristown Medical Center. “We continue to work with the community to deeply understand its unique health needs, and, with full ownership of the building, we can expand and enhance our services to best meet those needs.”
