10 James St. in Florham Park — Courtesy: Cushman & Wakefield
By Joshua Burd
The Silverman Group has shed another Morris County office building with its sale of an 18,000-square-foot property in Florham Park, in a deal arranged by Cushman & Wakefield.
According to the brokerage team, Desai Holdings paid $4.62 million in the transaction at 10 James St. The firm noted that the medical office building is fully leased, fueling interest for a property that sits within the borough’s central business district and provides users with quick access to Route 24 and interstates 80, 280 and 287.
Cushman’s Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented the seller and procured the buyer.
“We are grateful to have worked with The Silverman Group and Desai Holdings on this transaction,” Sobel said. “This stabilized medical office building is ideally located in a central business district and surrounded by an affluent population. Coupled with a strong tenant roster, the property offers great existing cash flow with the value-add opportunity for new ownership.”
C&W added that the property, which sits on 1.19 acres, is surrounded by corporate and medical office occupiers. It’s also near an abundance of dining and shopping options and Morristown Airport.