Madison Avenue Medical Plaza at 310 Madison Ave. in Morris Plains — Courtesy: Cushman & Wakefield
By Joshua Burd
The Silverman Group has sold a more than 58,000-square-foot medical office building outside Morristown for $13.2 million, in a newly announced deal by Cushman & Wakefield.
According to the listing team, an affiliate of Pentaurus Properties purchased the property at 310 Madison Ave. in Morris Township. Brokers noted that the three-story, 58,440-square-foot Madison Avenue Medical Plaza sits on 4.5 acres just one mile from Morristown Medical Center, boasting 100 percent occupancy with 12 tenants including Morristown Medical Center Radiology, Barnabas Health Medical Group, Vista Pain Consultants and National VIP Centers Management.
Cushman’s David Bernhaut, Gary Gabriel, Frank DiTommaso, Andrew Schwartz, Jordan Sobel, Bill Baunach, Andre Balthazard and Dan Bottiglieri represented the seller and procured the buyer.
“310 Madison is well-positioned within one of the most robust medical submarkets in northern New Jersey characterized by an affluent and dense population, limited medical space availability and a growing presence around the Morristown Medical Center,” DiTommaso said.
Sobel added: “Madison Avenue Medical Plaza represents a stable, high-yield investment opportunity due in part to its exceptional tenant base and location. The strong fundamentals of the Morristown medical submarket continue to drive demand, as well as investor interest.”
C&W added that the property, which was built in 1985, has strong visibility along Madison Avenue, 217 on-site parking spaces and convenient access to major roadways such as Interstate 287 and Route 24.
“Since owning and repositioning this asset, our firm has always seen consistent leasing activity as well as tenant retention due the building’s excellent location and close proximity to Atlantic Hospital,” said Blake Silverman, president of the Silverman Group.
“We are very bullish on Morristown,” said Austin Rolnick, a representative of the new ownership group. “While the area has huge demand for both traditional and medical office, the supply of medical space is scarce. You could not ask for a better location or tenant base. We plan to update the property and secure its status as a premier medical facility for the long term.”
