What's Happening?
Madison Avenue Medical Plaza, a fully occupied 58,440-square foot 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 sold by The Silverman Group to an affiliate of Pentaurus Properties. The facility, built in 1985, is strategically located one mile from Morristown Medical Center and features 217 parking spaces with access to major roadways. It is leased to 12 medical tenants, including Morristown Medical Center Radiology and Barnabas Health Medical Group.
Why It's Important?
The sale of Madison Avenue Medical Plaza is significant for the local healthcare infrastructure, as it ensures continued access to medical services for the community. The new ownership by Pentaurus Properties, which plans to update the facility, could enhance the quality and range of medical services offered. This transaction reflects the ongoing demand for healthcare real estate, driven by the need for modern facilities to accommodate evolving medical practices and patient care standards.
What's Next?
Pentaurus Properties intends to update the Madison Avenue Medical Plaza to secure its status as a premier medical facility for the long term. This may involve renovations or expansions to improve the facility's capabilities and attract additional tenants. The transition in ownership could lead to changes in the management and operation of the complex, potentially impacting the services provided to the community.
