What's Happening?
Madison Avenue Medical Plaza, a fully occupied medical complex located in Morris County, New Jersey, has been sold for $13.2 million. The property, situated at 310 Madison Avenue in Morristown, was acquired by an affiliate of Pentaurus Properties from The Silverman Group. The three-story facility, built in 1985, spans 58,440 square feet and is leased to 12 medical tenants, including Morristown Medical Center Radiology and Barnabas Health Medical Group. The complex is strategically positioned near major roadways such as Route 287 and Route 24, and offers 217 parking spaces. The buyer plans to update the property to maintain its status as a premier medical facility.
Why It's Important?
The sale of Madison Avenue Medical Plaza is significant for the local healthcare sector, as it ensures continued access to medical services for the community. The facility's proximity to Morristown Medical Center enhances its strategic importance, potentially increasing patient referrals and collaborations. The investment by Pentaurus Properties indicates confidence in the healthcare market's growth and stability, which could lead to further development and modernization of medical facilities in the area. This transaction also reflects broader trends in real estate investment, where healthcare properties are seen as resilient assets.
