571 Central Ave. in New Providence — Courtesy: JLL
By Joshua Burd
MEARJ Properties has closed on a deal to refinance more than 48,000 square feet of medical office space in New Providence, brokers with JLL announced Monday.
According to the debt placement team, the single-story building at 571 Central Ave. is 95 percent leased to a roster that’s anchored by Atlantic Health Group and New Providence Dentistry. It’s also home to other wellness and specialty health care providers, the brokers said, adding that many of the tenants have been at the property for more than 10 years and have invested heavily in their spaces, reinforcing their long-term commitment.
JLL Director Ryan Carroll and Analyst Matthew McManus led the team representing the borrower, sourcing the senior financing with a life insurance company.
“This financing underscores the strong lender appetite for well-positioned medical office assets,” Carroll said. “The property’s diversified health care tenant base and strategic proximity to major hospital systems in a supply-constrained market made it highly attractive to life insurance company capital seeking stable, health care-anchored assets.”
Located in the borough’s Murray Hill section, the 48,312-square-foot building has an interior atrium, a courtyard and ample parking for more than 200 cars, JLL said. It draws a steady patient flow for outpatient services from the likes of Overlook Medical Center, Cooperman Barnabas Medical Center and Morristown Medical Center, while the 4.05-acre site is easily accessible via from corridors such as Interstate 78, Route 22 and Route 28.
