345 Main St. in Madison — Courtesy: Saxum Real Estate
By Joshua Burd
Saxum Real Estate has closed on its second property in Madison, acquiring a 19,700-square-foot medical office building in the borough’s downtown.
The investor and development firm on Monday announced its purchase of 345 Main St., also known as the Madison Professional Center. The transaction brings the property from 47 percent occupancy to full occupancy, Saxum said, noting that two physician groups will take the remaining space under a sale-leaseback.
Terms were not disclosed.
“This acquisition provides us with another unique investment in best-in-class real estate located in one of New Jersey’s premier downtowns,” said Anthony Rinaldi, managing principal with Parsippany-based Saxum. “Additionally, this acquisition provides us with an opportunity to expand our presence in health care real estate.”
The building, which fronts on Main Street, is currently home to Madison Medical & Sports Rehabilitation Center and will soon feature hand and arm treatment, as well as orthopedic services from the two physician groups in the coming months.
The deal follows Saxum’s purchase early last year of 14 Lincoln Place in Madison, a mixed-use movie theater property.
“Madison Professional Center is a great opportunity to add to our health care real estate portfolio as we continue to look for opportunities to find yield,” said Sean Gilbert, Saxum’s director of acquisitions. “Furthermore, the unique partnership and location of the property is at the core of our investment thesis, which is value creation in downtown, transit-oriented markets.”